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Ringgit Poised for Gains on Oil and AI Boom
28 Sep
Summary
- Malaysian ringgit may gain due to rising oil prices and AI.
- MUFG Bank forecasts ringgit to reach 4.03 per dollar by year-end.
- The currency has lagged Asian peers, declining 1.2% in September.
Strategists suggest the Malaysian ringgit is positioned for appreciation, benefiting from elevated oil prices and the burgeoning artificial-intelligence sector. Although the ringgit experienced a 1.2% decrease in September, underperforming all other Asian currencies, there is an optimistic forecast from MUFG Bank.
MUFG Bank projects the ringgit to strengthen, anticipating it will reach a rate of 4.03 against the US dollar by the close of the current year. This projection indicates a turnaround from its recent performance, signaling a potential period of robust growth for the Malaysian currency.
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