Malaysia Says Ringgit’s Drop Will Be Cushioned by Fundamentals

Malaysia’s Finance Ministry said the depreciation of the ringgit will be cushioned by the country’s strong external position and robust fundamentals.

The ringgit market remains robust, with average daily onshore foreign exchange trading volume amounting to $12.6 billion year to-date, compared with $11.3 billion in 2021, the ministry said in a statement on Saturday. Average volatility year-to-date stood at 3.9% versus 4.6% last year, it added.