MAYBANK, RHB and CIMB has the Ringgit at between RM4.74 and RM4.80 against the US Dollar, while the actual spot market trade has the Ringgit at RM4.68 against the dollar.
THIS the Ringgit flirted a bit at the RM4.70 level against the Dollar before her custodian the Central Bank of Malaysia pulled her out of the rut with some heavy buying.
MY advice to Bank Negara Malaysia on the Ringgit front would be Let Her Cry, as the economic benefits READ : of needing to spend a billion ringgit a month to defend her, is already taking its toll of the national reserve which has now sunk below the US$100 billion mark
A weak currency is not the end of the world, but on the billiona being spend by Bank Negara Malaysia to defend the Ringgit, it is indeed the end of its world in our hands.
