# Ringgit depreciates by 4.9% against USD in first quarter

> 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.

- Date: 2020-05-13 · published 2020-05-13T12:00:00.000Z
- Category: report · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/53398-ringgit-depreciates-by-4-9-against-usd-in-first-quarter
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

A weaker ringgit lowers Malaysian palm oil's cost in dollars and can support export competitiveness, but the effect on prices is modest.

## Read by commodity

- USDMYR: bullish ▲
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2016-12-17 | [Companies are underestimating the risks of deforestation in their commodities supply chains](https://feedsoft.ai/events/73496-companies-are-underestimating-the-risks-of-deforestation-in-their-commodities.md) | -1.2% | -0.3% |
| PALMOIL | 2023-08-30 | [Rapeseed prices fell on forecasts of increased acreage in Ukraine, despite a decrease in the forecast for the canola harvest in Canada](https://feedsoft.ai/events/34691-rapeseed-prices-fell-on-forecasts-of-increased-acreage-in-ukraine-despite-a.md) | +0.6% | -3.1% |
| PALMOIL | 2019-06-11 | [Eliminating deforestation from supply chains by 2020: a review of the Amsterdam Declaration countries – Global Canopy](https://feedsoft.ai/events/58616-eliminating-deforestation-from-supply-chains-by-2020-a-review-of-the-amsterdam.md) | +0.9% | -2.3% |
| PALMOIL | 2016-11-03 | [Biggest threat to forests, beef lags in push to cut supply chain deforestation](https://feedsoft.ai/events/73863-biggest-threat-to-forests-beef-lags-in-push-to-cut-supply-chain-deforestation.md) | +2.2% | +5.2% |
| PALMOIL | 2018-09-25 | [Deforestation-linked palm oil still finding its way into top consumer brands: report](https://feedsoft.ai/events/62903-deforestation-linked-palm-oil-still-finding-its-way-into-top-consumer-brands.md) | -2.4% | -0.0% |

## Sources

- businesstoday.com.my: https://www.businesstoday.com.my/2020/05/13/ringgit-depreciates-by-4-9-against-usd-in-first-quarter/

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