The US dollar closed Jun-24 stronger as the DXY dollar index soared +1.1%mom in Jun-24 to 105.87. The monthly average of the dollar index also rose by +0.2%mom to 105.17 (May-24: 104.95).
The Ringgit depreciated -0.2%mom in Jun-24, closing at RM4.726 by the end of the month. On average, the Ringgit appreciated slightly by +0.1%mom to RM4.711.
MIDF Trade-Weighted Ringgit Index (TWRI) rose by +0.2%mom to 86.25 in Jun-24 signalling ringgit’s outperformance against currencies of Malaysia’s trading partners.
“We anticipate the ringgit to appreciate going into the latter part of 2HCY24, and to close the year stronger at approximately RM4.43 (end-2023: RM4.59).
“We expect the MIDF TWRI will continue to reflect a broad appreciation of the ringgit, with the index to conclude the year higher at 91.50 (end-2023: 85.34),” says MIDF.
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