The ringgit's uptrend: Why it may continue to strengthen
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The ringgit reached 4.12 against the US dollar on September 25, 2024, marking a multi-year high; Malaysia's GDP grew by 5.9% in Q2 2024, exceeding expectations; Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour attributes the rise to a robust economic outlook and structural reforms; China's yuan strengthened to 6.9946 per dollar, impacting Malaysia's economy; US Federal Reserve cut interest rates by 50 basis points, weakening the US dollar; Foreign investments into Malaysia's stock market increased, further boosting the ringgit; The ringgit appreciated against major currencies including the euro and British pound; Continued US economic softness may lead to further Fed rate cuts, potentially strengthening the ringgit.
#Ringgit #UsDollar #MalaysiaEconomy #BankNegaraMalaysia #GdpGrowth #ForeignInvestment #UsFederalReserve #CurrencyStrength #EconomicOutlook #ChinaYuan
https://www.nst.com.my/business/economy/2024/09/1110515/ringgits-uptrend-why-it-may-continue-strengthen
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