Ringgit expected to weaken to 4.10 versus US dollar by year-end – Channel W

Ringgit expected to weaken to 4.10 versus US dollar by year-end

The ringgit is expected to weaken further to 4.10 against the US dollar by end-2018 due to external and domestic uncertainties.

RHB Research Institute Sdn Bhd said the currency may continue to depreciate on a stronger US dollar, trade war tensions between the United States (US) and China and domestic policy uncertainties.

“Like other emerging economy currencies, the ringgit has been on a weakening trend in recent months against the stronger US dollar as the US Federal Reserve (Fed) turns more hawkish after its second rate hike in June,” it said in its economics view report today.

The report also noted the Fed was expected to raise its rates twice for the remainder of 2018, and another three times in 2019.

The ringgit was also affected by the surprise change in the Malaysian government following May’s general election which led to rising policy uncertainty, it said, noting that the switch of heads in government-linked companies were also likely to lead to a slowdown in economic activities in the months ahead.



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