The ringgit swung like a yo-yo in 2023, but the country’s strong economic fundamentals and improving economy helped support the local currency from weakening further against the US dollar.
The ringgit swung like a yo-yo in 2023, but the country’s strong economic fundamentals and improving economy helped support the local currency from weakening further against the US dollar. At the start of the year, the ringgit had performed promisingly, riding on the optimistic view of economic reopening post-Covid-19 amid the anticipation of a less aggressive US interest rate hike cycle.
However, as the months passed by, the local currency succumbed to the continuous US monetary tightening and as the year came to an end, the local currency slipped 5.4 per cent versus the greenback to close at RM4.6340 on Dec 26, from its first closing level of the year at RM4.3965 per US dollar on Jan 3, 2023. The ringgit reached its highest level this year at RM4.229 on Feb 2 before steadily falling 11.96 per cent to RM4.735 per US dollar on Oct 19, the weakest closing level since 199
Ringgit Currency Economy US Dollar Performance