USD/MYR: Ringgit to appreciate steadily in 2024 and end the year at 4.45 – ANZ

The Ringgit (MYR) was one of the worst-performing currencies in Asia. Economists at ANZ Bank analyze USD/MYR outlook.

MYR will be supported by a recovery in the tourism sector and improving demand from China

Next year, we expect MYR will be supported by a recovery in the tourism sector and improving demand from China. Tourist arrivals in 2023 surpassed targets and are expected to gather momentum in 2024, which will be positive for MYR. Exporter conversion of past accumulated receipts will also add further support. 

We expect the USD/MYR to appreciate steadily in 2024 and end the year at 4.45. However, lower oil prices and weaker-than-expected improvement in exports might result in some drag on net exports and thereby on MYR.