KUALA LUMPUR: The Malaysian ringgit, one of the worst-performing currencies this year, has snapped multi-weeks of new lows against the US dollar to rebound
Currency dealers said that Bank Negara was already present in the market in recent weeks to lessen volatility in the local market, which directly resulted in the drop in the country’s international reserves.
The rebound in the ringgit was also registered with regional currencies. Against the Singapore dollar, the ringgit went up to 3.4374While the ringgit’s volatility has been driven by external demand, particularly with interest rate spikes in the US and other markets, currency dealers also argued that the Malaysian currency, which is only traded locally, suffers from regulatory curbs that need to be reviewed to create a more robust market.
“Controls imposed by the central bank to curb foreign trading of the local currency have sucked out the liquidity, which is the lifeblood for all financial markets,” noted a chief currency dealer in a state-controlled bank, who requested anonymityForeign investors, who held about half of the outstanding Malaysian government bonds, fled the market in November 2016 when Bank Negara imposed a strict ban on the trading of offshore contracts, known as ringgit non-deliverable forwards , to hedge...
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