BREAKING UPDATE!!!📢
Ringgit is facing great sell off today because:
1.) the hope of new US President Donald Trump will bring "America Great Again". Market has suddenly turned 180 degree and support Donald Trump vision instead fearing him now.
2.) the high possibilities of US rate hike due to the inflationary that is going to happen due to upcoming very large spending by Donald Trump to build walls and infrastructures
These two main factors is driving US market very very much uptrend.
Thus, many USD (mainly) and other foreign currencies wants to go back to US (leaving Malaysia) and thus Ringgit has been sold off crazily now. Ringgit is weakening big time now!
To avoid Ringgit to weaken any furthur, Bank Negara has issued an order to ban all foreign currency exchange that involves MYR. So no FX conversion and DCI involving MYR for all banks and money changer today.
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