UOB Bank Malaysia sees ringgit rebounding to 4.1 vs US$

KUALA LUMPUR: Receding domestic political and economic headwinds have improved the outlook for the ringgit, which is set for a rebound this year, according to United Overseas Bank (M) Bhd (UOB).

The regional financial institution said the Malaysian currency would likely average at 4.25 per US dollar by mid-2016 before strengthening to 4.10 by the end of the year. The estimates were based on the revision in its US Federal Reserve rate outlook with fewer hikes this year and recent ringgit strength.