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“It’s Now At 4.04!” – USD Drops To All Time Low Against MYR This Year

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My Post 2020 12 18T130009.130
Source: The Straits Times

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The world’s reserve currency, the US Dollar (USD) has always been mightier than other currencies but has been slowly losing its value over the course of 2020.

Us Malaysians have been purchasing items at 4.2 times our currency, but here’s a good news for us!

USD has hit an all time low this year so far, as it is valued at 4.04 against the Malaysian Ringgit (MYR).

In the data showcased by Morningstar for Currency and Coinbase for Cryptocurrency, the USD’s value dropped to 4.04 against the MYR on 17 December, which is the lowest it’s been this year.

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As according to The Balance, a weaker USD means that American goods will be cheaper for foreigners to purchase and this will also increase the price of imported goods going into the US.

Though this may seem like a good thing, as it means we can buy more goods at more affordable prices, but if the value of the USD keeps decreasing until a point of collapse, it could affect other currencies as well.

“It’s not in the best interest of most countries to allow this to happen. A collapse would wipe out the value of their dollar holdings,” said The Balance.

Either way, the MYR will continue to ride in an upward momentum, on the weaker USD’s back, as reported by The Edge Markets.

What do you think about this? Let us know in the comment section.

 

Also read: More and More Young Malaysians 25-Years-Old and Below Are Filing For Bankruptcy, Says Expert

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