KUALA LUMPUR (Dec 8): The ringgit (MYR) is expected to continue appreciating to RM3.95 versus the US dollar (USD) by end-2018, on the weakness of USD and as it has overshot on the downside significantly, according to RHB Research Institute Sdn Bhd.
In an economic update today, the research house said Malaysia’s foreign exchange (forex) reserves rose by US$400 million to US$101.9 billion as at Nov 30, from US$101.5 billion at end-October.
“In MYR terms, Malaysia’s forex reserves gained RM1.5 billion to RM430.4 billion, from RM429 billion as at end-October,” it said.
“Forex reserves remain adequate by international standards.
“At the current level, Malaysia’s forex reserves are sufficient to finance 7.5 months of retained imports and cover 1.1x the short-term external debt of the nation,” it said.