Malaysian Ringgit climbs 10 percent against USD

Malaysian Ringgit increased 10 percent against US dollar in 2017 amid improving oil prices and economic outlook, the Xinhua news agency of China reported.

Friday, January 05, 2018 18:42

Malaysian Ringgit climbs 10 percent against USD ảnh 1

Illustrative image (Source: VNA)

Hanoi (VNA) -Malaysian Ringgit increased 10 percent against US dollar in 2017 amid improvingoil prices and economic outlook, the Xinhua news agency of China reported.

According to Maybank ForexResearch, the Ringgit strength will continue in the next few months.

Other positive domesticfactors that support the Ringgit outlook include shifts in investor sentiment,strong Malaysian economic outlook, hawkish tilt in Malaysia's Central Bankrhetoric, and widening current account surplus against supporting externalenvironment.

Phillip Mutual's chiefstrategist Phua Lee Kerk said the improving oil prices outlook will continue tooutweigh other negative factors in supporting the Ringgit momentum this year.

It will not be surprising ifthe Ringgit climbed to 3.80 against USD in the first half of this year, headded.

Sharing the view, foreignexchange firm Oanda's Asia Pacific trading head Stephen Innes said the Ringgitmomentum will be supported by four drivers: Malaysian Central Bank's ratenormalisation, strong economy, direct benefits from the China-proposed Belt andRoad Initiative and projected higher oil prices.-VNA

VNA

#Malaysian Ringgit #Xinhua #economic outlook #Vietnamplus #Vietnam News #Vietnam News Agency #Belt and Road Initiative #Vietnamese latest news

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