Domestic Opening May Help Buoy Ringgit to 4.19-4.20

The domestic reopening of the international borders may help to buoy the ringgit around the 4.19-4.20, Kenanga Research said in a note.

It said that the direction of the ringgit this month will be heavily influenced by the development of the Russia-Ukraine war and US economic reports.

On the performance of the ringgit, the research house it said that the Malaysian ringgit depreciated against the US dollar for the third consecutive in March, breaching the 4.20 threshold despite higher Brent crude oil price, improving macroeconomic indicators, and Malaysia’s border reopening news.

The research house said that the weakness was attributable to heightened geopolitical uncertainty and narrowing MY-US bond yield differentials.

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