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Currency Ringgit to stabilise at 3.30 by year-end, says Alliance IB Research

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Currency Ringgit to stabilise at 3.30 by year-end, says Alliance IB Research Empty Currency Ringgit to stabilise at 3.30 by year-end, says Alliance IB Research

Post by Cals Fri 07 Feb 2014, 09:42

Currency Ringgit to stabilise at 3.30 by year-end, says Alliance IB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 07 February 2014 08:56

KUALA LUMPUR (Feb 7): The Malaysian ringgit remains weak as outflows increased due to concerns surrounding the QE tapering as well as slowing growth in the Chinese economy, according to Alliance IB Research.

In a note Feb 6, Alliance IB chief economist Manokaran Mottain said with the anticipated short-term volatility in emerging markets, he expects the local currency to weaken further to as low as 3.40 per US dollar over the next three months, before stabilising by the third quarter.
“For the year-end, we forecast a stronger exchange rate of 3.30 per US dollar, supported by stronger fundamentals including higher GDP growth (+5.0%) and OPR (+3.25%); expected reversal in capital inflow into the emerging market including Malaysia; and improved trade flows following a recovery in export demand,” he said
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