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Bank Negara Malaysia says the ringgit depreciated 4.9% against the US dollar in the first quarter after $6.3 billion in non-resident portfolio outflows. The ringgit fell as far as 4.23 per dollar, and was down 5.8% as of May 12.
Global risk aversion and safe-haven demand drove the outflows.
A weaker ringgit lowers Malaysian palm oil's cost in dollars and can support export competitiveness, but the effect on prices is modest.
businesstoday.com.myMay 13, 2020Not enough comparable past events yet for a historical read.
After 66 past neutral report events, PALMOIL moved a median +0.2% over 5 sessions (58% higher; middle half -0.4% to +2.0%), and +2.2% over 20.
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.
