KUALA LUMPUR, MIDF Amanah Investment Bank Bhd foresees there is room for the ringgit to appreciate further against the US dollar and to end 2024 at RM4.23 versus RM4.59 at end-2023. Despite potential headwinds like weaker growth in China, the recession risk in the US or escalating geopolitical tensions affecting Malaysia's external trade recovery, MIDF Amanah said the US Federal Reserve's (Fed) easing stance boosts its confidence in the ringgit's appreciation in the fourth quarter of 2024. 'However, if the US dollar strength persists, particularly if the Fed delays the rate cuts due to continued resilience in the US economy and concerns over possible re-acceleration in the inflation outlook, this could still limit the ringgit's appreciation,' it said in a research note today. MIDF Amanah said demand for ringgit continued to pick up and the gains recorded by the local currency persisted into August 2024 with the ringgit surging further by 6.2 per cent month-on-month in August 2024. It noted that this has pushed the ringgit's year-to-date's appreciation against the US dollar to 6.3 per cent, where the closing at RM4.321 as at end-August 2024 was the strongest level last seen in February 2023 Apart from the strengthening of the ringgit against the US dollar, MIDF Amanah also anticipates the ringgit would continue to appreciate against other currencies in the MIDF Trade-Weighted Ringgit Index given the more bullish outlook on Malaysia's economy, the sustained pick-up in the domestic economy and the continued recovery in the external trade. It added that more flows would also come to Malaysia as investors are enticed by the strengthening of the ringgit and the positive economic fundamentals, including the relatively low inflation pressures. Source: BERNAMA News Agency
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