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telegram中文群组(www.telegram8.vip):Ringgit on strong recovery path

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Meanwhile, Malayan Banking Bhd head of foreign exchange research Saktiandi Supaat is looking at the local currency strengthening against the greenback from RM4.18 in the fourth quarter of last year to RM4.10 at end-2022.

CLICK TO ENLARGEKUALA LUMPUR: The ringgit is likely to see some recovery later this year on better economic prospects and fund inflows although volatility will come from policy tightening by the US Federal Reserve (Fed).

According to HSBC’s global head of foreign exchange research Paul Mackel, there are enough sources of growth to support the local currency in the coming months, including a wider “core” balance of payments.

He noted that foreign direct investment (FDI) inflows could rise further, based on previously approved FDI applications.

Bank Negara’s policy normalisation should also help the ringgit maintain a yield advantage against the US dollar and keep real rates positive.

HSBC is expecting two rate hikes from the central bank this year.According to HSBC’s global head of foreign exchange research Paul Mackel, there are enough sources of growth to support the local currency in the coming months, including a wider “core” balance of payments. He noted that foreign direct investment (FDI) inflows could rise further, based on previously approved FDI applications.

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“US-dollar-to-ringgit is hovering near its year-to-date high due to various external challenges. There are still a lot of uncertainties, but we believe the undervalued ringgit can recover in 2022 as Malaysia’s economy emerges from a ‘double-dip’ recession.

“HSBC Economics is optimistic about Malaysia’s consumption prospects and exports outlook,” he told StarBiz.

Mackel also noted that greater confidence in the domestic economy and in local assets would help curb residents’ foreign asset accumulation.

Analysts are generally expecting a firmer ringgit in the second half of the year.

In a recent report, AmBank Research highlighted that selling pressure on the ringgit is expected in the first half of 2022, partly due to the strengthening of the US dollar itself on the back of a more hawkish tone by the US Fed.

This could see the ringgit reach the RM4.25 level – and possibly touch RM4.30 – against the greenback.Malayan Banking Bhd head of foreign exchange research Saktiandi Supaat is looking at the local currency strengthening against the greenback from RM4.18 in the fourth quarter of last year to RM4.10 at end-2022.

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