The Malaysian currency has climbed nearly 1 per cent against the US dollar since the end of February.
Analysts are predicting that the ringgit’s rebound from a 26-year low will prove more lasting than a previous attempt.
The currency – which has climbed nearly 1 per cent since the end of February – is expected to rise to 4.65 per US dollar by year end from 4.7050 now, according to strategists surveyed by Bloomberg. Rising foreign inflows and income repatriation by state firms are fuelling the optimism. Analysts are predicting that the ringgit’s rebound from a 26-year low will prove more lasting than a previous attempt as global funds return to Malaysian assets and the export outlook improves. Local stocks are set to receive their first monthly inflow since February, while overseas investors snapped up US$233 million of the nation’s bonds in April – both fuelling demand for the ringgit.
The authorities have stepped in to revive the currency in recent months by encouraging state-linked firms to repatriate foreign investment income and convert it into ringgit more consistently.
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