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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
Soon 2.55
Ringgit to be lower against US dollar next week
KUALA LUMPUR: The ringgit is likely to be lower against the US dollar next week prompted by bearish market sentiment globally and lack of commercial demand for the domestic currency, dealers said.
The upcoming Chinese New Year holidays, which starts end of next week will likely signal a quiet trading week as most traders were already away for holidays.
For the just-ended week, Bank Negara Malaysia (BNM) retained the overnight policy rate at three per cent for the tenth consecutive time.
The central bank said the current stance of monetary policy was supportive of the economy while inflation remained contained.
BNM also said in December, the ringgit depreciated against the currencies of Malaysia’s major trading partners, namely the US dollar, euro, Chinese renminbi and Singapore dollar but appreciated against the Japanese yen.
It said the ringgit’s depreciation against the US dollar was due to rising concerns over global growth prospects arising from heightened uncertainty surrounding the US fiscal position.
This has led to some withdrawal of funds by foreign investors from emerging market economies, including Malaysia, as investors reassessed their positions.
For this holiday-shortened week, the ringgit was traded lower for three consecutive days as market participants stayed on the sidelines on the back of bearish market sentiment.
The foreign exchange market was closed on Monday and Friday for the Thaipusam and Federal Territory celebration, respectively.
The local unit finished Thursday at 3.1045/1065 against the US dollar from 3.0440/0460 last Friday.
It eased against the Singapore dollar to 2.5079/5099 compared to 2.4764/4796 last Friday and softened against the Japanese yen to 3.4134/4171 compared to 3.3557/3583 last week.
The ringgit also slipped against the British pound to 4.9107/9151 from 4.8126/8169 on Friday and fell against the euro to 4.2109/4143 versus 4.0869/0905 previously. -- BERNAMAu
Ringgit to be lower against US dollar next week
KUALA LUMPUR: The ringgit is likely to be lower against the US dollar next week prompted by bearish market sentiment globally and lack of commercial demand for the domestic currency, dealers said.
The upcoming Chinese New Year holidays, which starts end of next week will likely signal a quiet trading week as most traders were already away for holidays.
For the just-ended week, Bank Negara Malaysia (BNM) retained the overnight policy rate at three per cent for the tenth consecutive time.
The central bank said the current stance of monetary policy was supportive of the economy while inflation remained contained.
BNM also said in December, the ringgit depreciated against the currencies of Malaysia’s major trading partners, namely the US dollar, euro, Chinese renminbi and Singapore dollar but appreciated against the Japanese yen.
It said the ringgit’s depreciation against the US dollar was due to rising concerns over global growth prospects arising from heightened uncertainty surrounding the US fiscal position.
This has led to some withdrawal of funds by foreign investors from emerging market economies, including Malaysia, as investors reassessed their positions.
For this holiday-shortened week, the ringgit was traded lower for three consecutive days as market participants stayed on the sidelines on the back of bearish market sentiment.
The foreign exchange market was closed on Monday and Friday for the Thaipusam and Federal Territory celebration, respectively.
The local unit finished Thursday at 3.1045/1065 against the US dollar from 3.0440/0460 last Friday.
It eased against the Singapore dollar to 2.5079/5099 compared to 2.4764/4796 last Friday and softened against the Japanese yen to 3.4134/4171 compared to 3.3557/3583 last week.
The ringgit also slipped against the British pound to 4.9107/9151 from 4.8126/8169 on Friday and fell against the euro to 4.2109/4143 versus 4.0869/0905 previously. -- BERNAMAu
Today , went to Dollar Exchange at Jurong Point . Nearly fainted. Cash 2.4 and TT 2.41 . Thought I am too old , saw wrongly. Checked second time and confirmed the rate was really bad . :(
Hopefully , it will go up after CNY.
Weekend rates like Saturday and Sunday are usually bad as the currency markets are closed.
The money changers will give a low rate to protect themselves just in case there is any news or event that causes a drop in the currency on Monday and they suffer loss.
So it is better to change and remit during weekdays when markets are open.
So the only thing to do is to wait and hope that the rate stays around 2.5?
Lucky I transfer all my immediate property downpayment already.... if not, %#@#%% the money changers....
Lucky I transfer all my immediate property downpayment already.... if not, %#@#%% the money changers....
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If you TT fund early to your Malaysia bank account while waiting to pay developer, you can put it under 1 month tenure fixed deposit to earn more interest during this period. You can send the letter of instruction to the bank to do it, no need to go down personally.
Go to banks like Maybank, UOB, HSBC etc. Currently offering 2.46-2.472
When they TT to Malaysia, no RM10K per week limit and you can even do it through online banking.
If you are buying property from some developers (e.g. Horizon Hills, East Ledang), they can accept SGD cheque and convert to MYR based on Maybank rates.
See Maybank MY rates at http://www.maybank2u.com.my/mbb_inf...E04-Rates&chCatId=/mbb/Business/BTRE-Treasury
Under ordinary circumstances, we prefer money changers to banks. But these are extraordinary times.
And yet we hear those damn financial analysis saying S$ a safe haven against rest of the currencies.
I think MAS may soften the currency appreciation stance this year. It's obviously not working to fight inflation, and hurting our exporters. domestic policies should work better to curb inflation. perhaps we should park funds in RM FD.. provided the spread is good. anyone knows about FD?
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I think if you have spare funds to park in RM,
you should consider parking it in your home loan if it has a redraw function or is a Fully flexible loan.
With this type of Home Loan you will Offset your interest payable on the loan.
So effectively you are getting the same interest rate that the Home loan is charging you. e.g. 4.2% against the 3+% you get from MY Bank FD.
When you need the funds you can easily withdraw it partially or completely without any penalty except for some admin fees for some banks.
Your funds are more liquid than in a FD and you get better returns! Win Win if you ask me.
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