MYR at 3.33 against USD by year end: HSBC

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Ringgit to hit 3.33 level against US dollar by year-end, says economist  

The Malaysian ringgit is expected to touch the 3.33 level against the US dollar by year-end on the back of the strengthening greenback, said HSBC ASEAN Economist Lim Su Sian. At the end of last year, the local currency was traded at 3.25 against the greenback.

"The ringgit is not the only Asean currency that is weakening against the US dollar as the US Federal Reserve is printing money at a slower pace to strengthen the dollar.
"However, we see the ringgit remaining strong as the underlying fundamentals remain strong," Lim told a media briefing on the Economic Outlook 2014, today.

She said another factor for the weakening of the ringgit was reduced intervention by Bank Negara Malaysia. "The central bank let the market price the currency on their own," she added.      

Source: Bernama 23-01-2014
 



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