Is this a fair value of the country’s currency? Free marketeers will be offended by this question. To them, no one will know this except the market. True, there is a market out there — nebulous though it is — but it isn’t as free as we like to think it is.
The government is always involved in the market. Here and everywhere else. So are free marketeers! Adam Smith is wrong: the invisible hand isn’t invisible at all. But this is a discussion for another time. So what determines the value of the ringgit? Simply put, whatever happens within and without. Crude oil prices and the US-China trade war are two external determinants. Consider the trade war. According to Afzanizam, there has been a rise in risk aversion among investors since the trade spat began between the world’s two largest economies.
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