After been labeled #2 most influential blog in Malaysia, I better write something related to the blogphere here. Well, since many bloggers in Malaysia are earning through blogging these days, we should really pay attention to the currency exchange.
Sad to say that we don’t always get good news from this blog. Yesterday, the foreign exchange rate Ringgit Malaysia (RM) to 1 US Dollar has dropped below 3.50 since November 1997 during the economy crisis in Malaysia. The exchange rate was 3.4963 as at 5.32pm yesterday.
Please note that the rate at 3.4963 is just the market exchange rate, you will have lower rate when you exchange locally, depending on which bank you exchange with. In other words, the bank will buy your US Dollar at a lower rate than 3.4963.
Quoted:
Malaysian Institute of Economic Research executive director Prof Dr Mohd Ariff said: “The current level of the currency still does not reflect Malaysia’s economic fundamentals, so an upside is definite. We think it could hit 3.30 at end-2007.â€
It’s gonna hit 3.30 at the end of 2007? My goodness!
Well, economists do believe RM is still undervalued right now and we could see even more strengthening of RM in near future. So we better expect a downward plotting graph for the foreign exchange rate of RM to US Dollar.
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