Wednesday, 08 Jul 2020 12:22 PM MYT
KUALA LUMPUR,July 8 ― RHB Investment Bank Bhd expects the ringgit to trade at 4.35 against the US dollar by end-2020 after Bank Negara Malaysia cut the Overnight Policy Rate by 25 basis points to 1.75 per cent yesterday.In a note today, economist Ahmad Nazmi Idrus said BNM’s recent rate cut should put less pressure on the currency to rise.
“If it does happen, we may see the return of a strong US dollar, as investors prefer more liquid assets,” he said. “The currency clawed back some of the losses amid improved sentiment following the reopening of the economy, as well as on the general weakness of the greenback,” he said.
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