# Ringgit swings like yo-yo in 2023 but strong economic fundamentals cap losses

> The ringgit ended 2023 down about 5.4% against the US dollar, closing at RM4.6340 on December 26 after reaching a 1998-era low of RM4.735 in October. Bank Negara Malaysia attributed the weakness mainly to Fed tightening and slower Chinese growth.

- Date: 2023-12-27 · published 2023-12-27T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/32987-ringgit-swings-like-yo-yo-in-2023-but-strong-economic-fundamentals-cap-losses
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A weaker ringgit makes Malaysian palm oil cheaper for some importers in dollar terms while raising local costs for imported feed inputs, so the currency is a secondary factor for palm-oil-based feed pricing.

## Read by commodity

- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2019-01-14 | [Some of world's biggest banks see stronger ringgit in 2019](https://feedsoft.ai/events/61348-some-of-world-s-biggest-banks-see-stronger-ringgit-in-2019.md) | +0.8% | +5.6% |
| PALMOIL | 2021-12-27 | [Bullish Streak In Ringgit To Continue This Week](https://feedsoft.ai/events/43869-bullish-streak-in-ringgit-to-continue-this-week.md) | +1.4% | +12.7% |
| PALMOIL | 2017-06-29 | [Report: Ringgit strongest currency in Asia \| Malaysiakini](https://feedsoft.ai/events/70757-report-ringgit-strongest-currency-in-asia-malaysiakini.md) | +3.1% | +4.2% |
| PALMOIL | 2018-08-06 | [Ringgit falls to 2018 low as Asia currencies weaken \| The Star](https://feedsoft.ai/events/63778-ringgit-falls-to-2018-low-as-asia-currencies-weaken-the-star.md) | +1.8% | +0.9% |
| PALMOIL | 2018-09-13 | [Expect US dollar to continue rising against ringgit, say economists \| FMT](https://feedsoft.ai/events/63307-expect-us-dollar-to-continue-rising-against-ringgit-say-economists-fmt.md) | -1.7% | -2.6% |

## Sources

- themalaysianreserve.com: https://themalaysianreserve.com/2023/12/27/ringgit-swings-like-yo-yo-in-2023-but-strong-economic-fundamentals-cap-losses/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.