The uncertain increase in the value of the currency in recent times has caused unease among the community and local economic experts.
Chaos in the global market such as the war conflict in the Middle East and the situation of expected interest rate cuts in the US continue to hover in the current of fluctuations in the value of foreign currencies.
Yesterday, the Twitter site (X) was in a frenzy with a post about the fall in the value of the ringgit currency plummeting to a level of RM6.24 sen compared to before.
It's a surprising news because the local value is expected to only hover around RM4.72 to RM4.75 throughout the week. How far is the validity of the news?
Recently, through a user X (@MHaffizJ) has made a post regarding the devaluation of the currency and it has attracted some views and speculations in the comment section.
Some think that it is a glitch or a bug that happened in Google. It has become a habit because the same thing has happened before.
However, an economic analyst, Nazri Hamdan also shared the view that there was a massive ringgit sell at that time. BNM is highly likely to have to intervene by 'buying' ringgit back to block 'selling' on a large scale.
They expect the ringgit to fall further to stabilize to a comfortable level compared to its rise yesterday.
In addition, in the X channel (@Pelabur_Bijak) thinks that it is the effect of investors dumping the ringgit after the amnesty granted to the former Prime Minister of Malaysia, Najib Tun Razak last week.
However, the extreme fall of the ringgit can have a negative impact on the economy and the cost of living of the community. The government needs to be more vigilant and take more productive steps in preserving the local socioeconomics.
