Investors are focusing on the upcoming Personal Consumption Expenditure (PCE) data from the United States. The ringgit experienced mixed gains and losses on the last trading day of February, rising to 4.7400 against the U.S. dollar and as high as 3.5332 against the Singapore dollar.
According to the “Bloomberg” market, the ringgit’s exchange rate against the U.S. dollar was at 4.7710, lower than yesterday’s closing price of 4.7690. It opened low and then rebounded soon. As of 6 p.m., the ringgit’s exchange rate against the U.S. dollar rose to 4.7400, an increase of 0.61%.
The exchange rate of the ringgit against the Singapore dollar opened at a low of 3.5445. It closed at 3.5403 yesterday and rose to an intraday high of 3.5331. As of 5 p.m., the exchange rate of the ringgit against the Singapore dollar also rose 0.20% to 3.5332.
To sum up the whole month, the ringgit fell 0.20% against the US dollar and 0.03% against the Singapore dollar.
In the past two months, the ringgit has fallen by 3.16% against the US dollar and 1.65% against the Singapore dollar.
The ringgit fluctuated greatly in February. The highest was 4.7153 in the intraday session on February 2. After that, it continued to lose ground. The lowest was below the 4.80 mark. It fell to a 26-year low of 4.8053 in the intraday session on February 21. This forced the Governor of Bank Negara Malaysia to speak with confidence, emphasizing that the ringgit was already undervalued, and encouraged government investment-related companies (GLICs) and government-linked companies (GLCs) to continue to actively participate in the foreign exchange market. After that, the ringgit finally stabilized.
The ringgit fell to an all-time low of 3.5757 against the Singapore dollar on February 21.
Since the beginning of this year, the ringgit has depreciated 3.27%, making it one of the worst-performing currencies in emerging markets in Asia.
