MIDF Research expected the ringgit to average at 4.38 against the US dollar.
KUALA LUMPUR: The ringgit is in a good position to strengthen this year, supported by the upbeat domestic economy and externally, the narrative of re-adjustment of the US interest rate propping the ringgit’s valuation, Bernama reports, citing analyst.
MIDF Research said considering the country as a net commodity exporter of oil and gas as well as palm oil, the ringgit would stand to gain from the supportive global commodity prices and sustained trade surplus.
“Most importantly, the US Federal Reserve and other major central banks have shifted their monetary stance from hawkish towards dovish, and thus interest differentials would narrow in 2024,” MIDF Research said in a research note.
MIDF Research expected the ringgit to average at 4.38 against the US dollar and reach 4.20 by year-end.
