KUALA LUMPUR, Jan 15 ― Malaysia’s currency exchange rate against the US dollar could weaken to as low as RM3.29 over the next few days amid signs of improvement in the US economy, an analyst from Westpac, one of Australia’s biggest banks said today.
Singapore-based Westpac strategist Jonathan Cavenagh does not see the ringgit weakening beyond 3.29 but to trade in the the 3.23 to 3.29 range instead, Business news wire Bloomberg reported.
“I don’t see the ringgit breaking 3.29 as the domestic economic data are looking better than 3 months ago and that should help support the currency,” Cavenagh was quoted as saying.
Prices from local banks compiled by Bloomberg show that the ringgit fell 0.5 per cent to 3.2811 per dollar at 10.04 am. The decline was the first in six days.
Over in the US, retail sales increased 0.2 per cent in December , topping median 0.1 per cent gain forecast by economists in a Bloomberg survey.
