PETALING JAYA: Bank Negara says the present weakness in the ringgit is primarily due to cyclical factors with the US Federal Reserve’s aggressive 525-basis-point rate hike over the 2022-23 period fuelling the rise in the greenback on strong demand.
It added geopolitical conflicts led investors to hold the US dollar as a safe-haven asset, while China’s weaker economic growth prospects also dampened investor sentiment in the region.
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