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BNM Does Not Target Specific FX Levels, But Stands Ready To Prevent Sharp Price Swings

MYR

Spot USD/MYR stabilises after a renewed upswing on Thursday, which allowed the rate to lodge best levels since mid-2020. It last changes hands at MYR4.3625, down 17 pips on the day.

  • From a technical point of view, the next topside target is provided by May 18, 2020 high of MYR4.3725, followed by Apr 22, 2020 high of MYR4.4032. Bears look for a pullback under Apr 26 low of MYR4.3450.
  • BNM Gov Shamsiah told Bernama that the ringgit's recent depreciation versus the USD and SGD was mainly driven by external factors, such as Fed tightening, risk aversion and China's economic slowdown. She defended Malaysia's flexible exchange-rate framework, adding that Bank Negara does not target any specific level of exchange rate. She noted, however, that the central bank stands ready to ensure that "there are no sharp or wide swings in the value of the ringgit".
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