Business research firm Fitch Solutions believed the weakly recovering prices for crude oil will limit the Malaysian ringgit from depreciating further.

“We at Fitch Solutions have revised our 2020 and 2021 average exchange rate forecasts to RM4.3/USD and RM4.2/USD, respectively, from RM4.350/USD and RM4.250/USD previously.

“Over the short term, a recovery in commodity prices, especially crude oil, which has been buoyed by an uptick in demand and a renewed Opec+ production cut agreement, is likely to limit the extent of weakness in the ringgit driven by...