fbpx
Connect with us

News

Ringgit has Fallen to the Lowest Against USD in 26 Years, Currently at 4.80!

Published

My Post 2 40
Source: 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The value of the Ringgit continues to record a significant decline when it reached the lowest level in 26 years, dropping by 0.41% to 4.795 against the United States (US) dollar yesterday (February 20).

Today (February 21), the rate is at 4.80.

Myr 1

According to a report by Berita Harian, the national currency has reached its lowest level in history since the height of the Asian Financial Crisis in January 1998. Today’s latest rate also surpasses the lowest recorded on October 23, 2023, which was 4,7925.

 

Bank Muamalat Chief Economist, Dr Mohd Afzanizam Abdul Rahsid shared that, based on technical analysis, the Ringgit has already passed the resistance level of RM4.7958.

“We already know that currency trends are greatly influenced by external factors. Recently, China’s central bank has already reduced their interest rates by 25 basis points and it exceeded the expectations of economic analysts. This situation will definitely weaken the Yuan currency.”

“The Ringgit, on the other hand, is seen to be significantly linked to the Yuan currency. So, any movement of the Yuan will definitely have an impact on the Ringgit. The question is, what should policy makers do? This issue is not as easy as it seems and the solution cannot be compared to the one implemented in 1998,” he said.

Myr 3

 

Additionally, he believes that policy changes need to be made gradually and not suddenly.

“Then, communication to the people, investors and entrepreneurs need to be carried out so that they get a real picture of what they want to achieve.”

“In short, it needs to be consistent and realistic. Perhaps this is the way to attract the attention of foreign investors to buy stocks and bonds in Malaysia and if this happens continuously, then the Ringgit will recover in the coming period,” Dr Mohd Afzanizam explained.

What do you think about this? Do feel free to share your thoughts in the comment section.

 

Also read: From UK, US, Germany & More – Foreigners Have Accumulated RM100 MIL in Debts With M’sian Hospitals

My Post 2 38

Source: Google
Source: 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Police Officer Killed By Falling Tree Police Officer Killed By Falling Tree
News12 hours ago

Police Officer Passes Away After Huge Tree Falls on His Vehicle While He Was Driving in Sabah

In these few months, many tree accidents occurred in the nation. Some were lucky enough to escape the accidents unharmed,...

Feat Image Zafrul Feat Image Zafrul
News12 hours ago

Zafrul: Weak Ringgit in 2023 Affected Malaysia’s Global Competitiveness Ranking, Will Improve This Year

Previously, we shared how Malaysia recorded its worst placement in the International Institute for Management Development’s (IMD) latest edition of...

Collage 7 2 Collage 7 2
News1 day ago

“We’re grateful for your support” – MBO Cinemas in PJ Mall Announces Sudden Closure Effective TODAY

Unfortunately, the COVID-19 virus has rendered some businesses to mellow down, including cinemas. Movie enthusiasts, however, will still rush to...

Collage 6 2 Collage 6 2
News2 days ago

“I’ve killed her” – Man Turns Himself in to PDRM After Murdering His Wife Who Wanted a Divorce

Sometimes, not all connections are meant to last. What we shall do (as tough as it is) is to pick...

Collage 2024 06 21T104144.669 Collage 2024 06 21T104144.669
News2 days ago

Study: Malaysia Scores 5.8/10 for Safety from the State in Human Rights

In a recent study, a global rights monitor found that Malaysians had less freedom to feel safe from their government,...

121212 121212
News3 days ago

Sultan Johor Sets Record with RM1.75M Bid for “FFF 1” Plate Number, Hopes to Benefit Rakyat!

On February 20th, His Majesty the King of Malaysia, Yang di-Pertuan Agong Sultan Ibrahim, made headlines by winning the bid...

My Post 1 2024 06 20T101046.427 My Post 1 2024 06 20T101046.427
News3 days ago

British Researchers Have Detected Signals That Could Lead to the Discovery of MH370

10 years after the disappearance of Malaysia Airlines flight MH370, new signs have popped up as British researchers detected signals...

My Post 1 2024 06 19T170718.079 My Post 1 2024 06 19T170718.079
News3 days ago

Pudu LRT Passengers had the Fright of Their Lives After Train Became Hot Due to Very Close Building on Fire

Imagine being on the LRT, like any other day, only for the LRT to suddenly be surrounded by heat and...

Announcement

Latest Videos



TRENDING TODAY