tags - Sinar Daily

Economists are projecting a better outlook for the ringgit in the second quarter (Q2) of 2023 amid the country's relatively resilient economic outlook.

In a statement today, Sapura Energy said the full-year results for FY2023 are showing noteworthy progress in its efforts to regain operational stability.

Kenanga Research foresees that Bank Negara Malaysia has reached the end of its monetary tightening cycle and will keep the OPR unchanged at 2.75 per cent for the rest of the year.

Property recovery is slow as expected due to higher interest rates and higher housing prices as building materials like steel and cement spiked exacerbated by the lack of foreign labour.

The ringgit is likely to remain within a tight range against the US dollar next week ahead of Bank Negara Malaysia’s annual report on March 29, said an economist.

The collapse of Terraform Labs last year wiped out about $40 billion of investors' money and shook global crypto markets. - AFP

The ringgit was traded slightly lower against the US dollar in the early session today as some investors took advantage of the weaker greenback, dealers said.

At 9.20am, the local note rose to 4.4370/4405 versus the greenback compared with yesterday’s closing rate of 4.4530/4580.

The ringgit maintained its positive momentum against the US dollar in early trade today, as continued global uncertainties prompted more investors to shift towards emerging currencies, including the ringgit, a dealer said.