Weakened ringgit causes concern for students abroad
Author Avatar

 

Weakened ringgit causes concern for students abroad

In late July, the ringgit fell to 3.2570 against the US dollar: it’s lowest since June 2010.

The decline came sharply after Fitch ratings reduced it’s outlook for Malaysia’s sovereign credit rating from stable to negative.

Whatever the reason, the weakened ringgit is cause for concern amongst parents of/ and students abroad as costs of living overseas will increase in tandem.

The Star reported on Sunday, 18 August that unease is already setting in.

J. Edmund Dass, 50, said he was worried over the ringgit’s depreciation as his daughter would be going to Wales for her third-year law studies.

“I am in limbo now. If I convert my ringgit into British pounds, I will need to convert it back to ringgit in order to send her the money if I go through banks,” said the entertainer.

Xiang Hong Ong, 25, who is doing his Masters in Law in Westminster University, said if the ringgit continued to weaken, he might take up a job to support himself.

“Since I am a self-sponsored student, it will mean having to cut my personal expenses,” he said.

The ringgit had fallen not just against the US Dollar; but the Singapore Dollar, Pound Sterling and Euro.

Alliance research doesn’t believe the situation is going to markedly improve until the end of the year.

…the ringgit would remain weak at around current level or even test the 3.30 level soon.

“However, the weakness cycle should come to an end in due course and the currency could reverse its trend by end 2013.

“In this regard, we maintain our view of short-term volatility of the ringgit, but extending the trading range from 3.15-3.25 per dollar to 3.20-3.30 per dollar over the next one to three months. Our end-2013 forecast for the ringgit is maintained at RM3.12 vis-à-vis the US dollar,” said Alliance Research.

Picture courtesy of singkham at Freedigitalphotos.net.

 

0 0 votes
Article Rating

SHARE

Comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 4th August 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19
Alex Cheong
- 1st April 2020
(Last update: 1 April 2020, 3.40pm to include FAQs by banks.) With Malaysia going into an extended period […]
Post Image
How to Decide Whether to Buy a New or Used Car
The RinggitPlus Team
- 25th January 2019
Considering an upgrade on your wheels or a first car? The eternal question would be whether to buy a new or used car. We take on the question of buying new or used and turn it inside out to help you make a decision.

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image