Malaysia’s Ringgit Heads for Steepest Monthly Decline Since 2016
- Ringgit falls 3.6% in April, second-worst in emerging Asia
- MUFG, DBS predict rebound by year end; RBC bearish through 2Q
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Malaysia’s ringgit is heading for its biggest monthly loss in more than five years, as falling oil prices and a dovish central bank weigh on the oil exporter’s currency.
With oil prices erasing most of the gains made in the wake of Russia’s invasion of Ukraine in February, the ringgit, down 3.6% against the U.S. dollar so far this month, is poised for more declines on the back of China’s economic slowdown.