The Malaysian ringgit is expected to appreciate against the USD in 2025, reaching MYR4.23 (USD 0.95) per USD. However, the pace of this appreciation will be slower due to the Fed’s gradual rate cuts. Malaysia’s trade surplus and strong current account position are expected to support the ringgit’s upward momentum, with its Trade-Weighted Ringgit Index (TWRI) projected to rise towards 95.0 by year-end.