Kuala Lumpur: The ringgit is set for its best weekly gain in nearly eight months as the central bank’s efforts to shore up the currency bear fruit.
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Moreover, BNM this week left its key policy rate unchanged to extend its support for the currency and kept up its verbal intervention by calling the ringgit as undervalued. She sees capital flows spurred by possible Federal Reserve rate cuts in the second half of the year and a rebound in exports supporting the ringgit.CIMB forecasts the ringgit to rise to RM4.48 per dollar by mid-2024 before rallying to RM4.38 by year-end. The currency gained 0.3% on Friday to RM4.6917.
That prompted gains in most Asian currencies on Friday. The South Korean won led the pack with 0.4% gains.
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