The Malaysian ringgit is counted at a currency exchange office in Kuala Lumpur. (Photo: AFP/VNA)
KualaLumpur (VNA) – An official of Malaysia’s central bank expectedthe country's ringgit to trade higher on the back on positive economic prospects.
Governorof BankNegara Malaysia (BNM) Abdul RasheedGhaffour said the ringgit is currently undervalued but ought to be tradedhigher thanks to Malaysia’s positive economic fundamentals and prospects.
The currency hit a 26-year low on February 20 to trade at 4.80MYR per USD.
Dr MohdAfzanizam Abdul Rashid, chief economist at Bank Muamalat MalaysiaBhd, noted the local note’s fair value is closer to 3.90 MYR per USD, pointingout that the ringgit has been hovering below 100 points on both theNominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER)indices.
Theoretically,the ringgit should move towards its fair value. However, at the currentjuncture, the forex market is too distorted by external factors, leading the ringgitto deviate from its fair value of 3.90 MYR per USD, he added.
Afzanizamheld that Malaysia’s current account surplus at 1.2% of gross domestic product(GDP) is one of the factors that could strengthen the ringgit.
Tan Teng Boo, managing director of Capital Dynamics Asset ManagementSdn Bhd, forecast the ringgit could trade at 4.20 - 4.40 per USD by the end of2024 in view of a potential interest rate cut by the US Federal Reserve thisyear.
Theringgit has lost close to 4% in value toits lowest level since January 1998. Meanwhile, regional currencies like theKorean won and Taiwanese dollar depreciated by 0.2% and 0.3%,respectively./.
Malaysia's trade in the first quarter of 2024 has seen positive signs thanks to the recovery of important markets, thereby supporting the country's economic development in this year.
The trade and investment targets that Malaysia set for this year are achievable despite the ringgit’s current depreciation versus the US dollar, as many other major fundamentals remain attractive and appealing to global investors, said Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
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The Malaysian ringgit is counted at a currency exchange office in Kuala Lumpur. (Photo: AFP/VNA) 
