The Malaysian ringgit (RM) depreciated for a fifth straight session to slump to a more than seven-month low on June 23 due to a firmer dollar and weak oil prices.
Hanoi (VNA) - TheMalaysian ringgit (RM) depreciated for a fifth straight session to slump to amore than seven-month low on June 23 due to a firmer dollar and weak oil prices.
Most൩ otherAsian currencies also weakened, with the Republic of Korean won(KRW) and 🗹Thai baht (THB) depreciating 0.6% and 0.4%, respectively.
Fiona Lim, senior foreign exchange strategist atMaybank said that Asian currencies are cyclical and they might be weighed byfears that further tightening by central banks could bring about moresignificant downturn ahead. In Malaysia, the RM depreciated as muchas 0.6% to hit 4.674 per dollar, its lowest level since November 11. Elsewhere,the Indonesian rupiah was trading 0.4% lower, a day after the central bank keptits policy rate unchanged, as expected, adding it would calibrate rate cut decisionsevery month.
Rully A. Wisnubroto, senior economist at Mirae AssetSekuritas Indonesia said these depreciations, particularly for the RM and the Indonesian rupiah (IDR), were due to therecent decline in commodity prices, which has had asubstantial impact on economies reliant on commodity export.
For the week,the RM and the THB shed nearly 1.3% and1.6%, respectively, while t🎃he IDR wasdown 0.4%.
Meanwhile,inflation data from Singapore showed a key consumer price gauge rose 4.7% in May, while headlineinflation was up 5.1% year-on-year 𓃲in May. The Singapore dollar(SGD) was down 0.4%.𒅌/.
Malaysian Ringgit increased 10 percent against US dollar in 2017 amid improving oil prices and economic outlook, the Xinhua news agency of China reported.
Malaysia’s net inflows of foreign investment surged to 74.6 billion RM (16.17 billion USD) in 2022 from 50.4 billion RM in 2021, while investment abroad tripled to 58.6 billion RM from 19.4 billion RM, said the Department of Statistics Malaysia (DoSM) in a statement on June 16.
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Malaysia ringgit at seven-month low (Photo: VNA) 
