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Bank Negara Malaysia deputy governor Adnan Zaylani Mohamad Zahid said the ringgit's weakness against the dollar reflects broad US dollar strength rather than domestic problems. He noted the ringgit has strengthened against the yen, Taiwan dollar and won since early 2022, and cited safe-haven dollar demand from China growth doubts and geopolitical tensions.
The central bank's view implies the ringgit weakness is driven by the dollar cycle, so feed import costs in Malaysia depend mainly on US rate and dollar moves rather than on a local currency problem.
malaymail.comMay 9, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
