Analysts see ringgit strengthening against US dollar this year
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The ringgit is expected to strengthen this year, supported by the upbeat domestic economy and the readjustment of the US interest rate. MIDF Research highlights that as a net commodity exporter, the ringgit will benefit from supportive global commodity prices and sustained trade surplus. The US Federal Reserve and other major central banks shifting their monetary stance from hawkish to dovish will narrow interest differentials in 2024. MIDF expects the ringgit to average at 4.38 against the US dollar and reach 4.20 by year-end. AmBank Research also sees upside prospects for the currency, backed by increased coordination among authorities and statements that the ringgit is currently deemed 'undervalued'. Maybank Investment Bank emphasizes the importance of economic reforms and restructuring for the ringgit's long-term outlook.

#Ringgit #UsDollar #Economy #InterestRates #CommodityPrices #TradeSurplus #MonetaryPolicy #EconomicReforms

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