Friday 29 Mar 2024
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This article first appeared in The Edge Malaysia Weekly, on October 26 - November 1, 2015.

 

The ringgit has depreciated sharply against major and regional currencies in the first nine months of 2015.

The Economic Report 2015/16 pointed out that the ringgit’s depreciation against the US dollar this year was in line with most major and regional currencies. As the US economy improves, and an interest rate hike is imminent, the greenback is becoming stronger. “Uncertainties on the developments in Greece as well as growing concerns over China’s slowing economy and renminbi devaluation in August also affected the performance of regional currencies,” says the report.

However, the report says the ringgit experienced sharper declines during the period due to plunging crude oil prices and domestic factors.

From January to September 2015, the local currency depreciated 21.4% against the US dollar, 21.1% versus the yen, the pound sterling 19.3% and the euro 15.1%. The ringgit also eased in the range of 7.3% to 19.4% against other regional currencies.

ringgit-performance-against-selected-currencies_chart_mm59_tem1081_theedgemarkets

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