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Ringgit expected to trade around RM3.97 this week against US dollar
🇲🇾 Malaysia /Economy & Trade

Ringgit expected to trade around RM3.97 this week against US dollar

From Utusan Malaysia · () Malay

Translated from Malay, summarized and contextualized by DistantNews.

At a glance

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  • The Malaysian ringgit is expected to trade between RM3.91 and RM3.97 against the US dollar this week.
  • Rising crude oil prices, with Brent crude exceeding $98 per barrel, are seen supporting the ringgit's strength.
  • An economic analyst noted that increased oil prices will boost national revenue, further bolstering the ringgit.

The Malaysian ringgit is anticipated to fluctuate within the RM3.91 to RM3.97 range against the US dollar this week. Analysts suggest that the strengthening of crude oil prices, particularly Brent crude surpassing $98 per barrel, will provide a crucial support, preventing the local currency from breaching the RM4.00 mark.

UniKL Business School Economic Analyst, Associate Prof. Dr. Aimi Zulhazmi Abdul Rashid, explained that the rise in crude oil prices is expected to increase national revenue. This, in turn, will support the ringgit's appreciation. He indicated that every $1 increase in crude oil prices has a significant impact.

The positive outlook for the ringgit is closely tied to global energy markets. As oil prices climb, Malaysia, as an oil-producing nation, benefits from increased export earnings, which directly impacts its currency's stability and strength.

DistantNews Editorial

Originally published by Utusan Malaysia in Malay. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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