Bank Negara. AZMAN GHANI / The StarREPORTER: JOSEPH CHIN
FROM the perspective of Bank Negara, the root of all speculation lies in the offshore non-deliverable forwards (NDF), an investment instrument which is primarily traded in Singapore.
Historically, even during times when the ringgit was appreciating and the fundamentals were sound, the offshore NDF tends to be priced weaker compared with the spot rates. This could mean that excessive speculation might have driven the rates down in the past.
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