The Malaysian Ringgit (MYR) continued its downward trend on Monday (15 April), with 1 US Dollar (USD) equating to RM4.77885 in the late afternoon.
According to Bloomberg, this marks a 0.2% depreciation, bringing the MYR close to its lowest value against the USD in 26 years.
During the Asian Financial Crisis of 1998, the exchange rate was valued at RM4.8850 per USD.
According to the USD to MYR chart on XE.com, the exchange rate stood at RM4.77885 per USD at 5:15 pm today.
Over the past month, the Malaysian Ringgit (MYR) has consistently weakened against the USD.
Source: XE.com
Compared to the Singapore Dollar (SGD), RM1 equated to S$3.51448 at the time of writing.
On 20 Feb this year, the MYR fell to its lowest level against the SGD, with RM1 trading at S$3.57.
Recent geopolitical tensions in the Middle East have boosted the appeal of the USD as a “safe haven currency”, The Star noted.
Dr Mohd Afzanizam Abdul Rashid, chief economist of Bank Muamalat Malaysia Bhd, pointed out:
Given the elevated level of uncertainties, markets are expected to remain defensive by positioning themselves in safe haven currencies such as the US Dollar.
This confidence in the greenback as a reliable store of value is driving its continued strengthening amid the conflict.
Source: Burst on Canva
Meanwhile, Bloomberg highlighted that China’s weak economic outlook is another factor triggering the MYR’s depreciation, given that both countries are key trading partners.
The International Monetary Fund (IMF) echoed these concerns in February, forecasting a modest growth of 4.6% for China’s economy this year, the South China Morning Post reported.
Also read: S’pore Dollar equates to RM3.57 as M’sian Ringgit drops further on 20 Feb
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Featured image adapted from Reuters.
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