Emerging markets, such as Malaysia, have already begun to suffer from tightening global financial conditions and increased exchange rate volatility, with foreign investors selling their debt and shares. "With the strength of the US dollar and the weakness of the yuan expected to continue, we think the Malaysian Ringgit will still be on the defensive against the US dollar, reaching 4.58 by the end of the year and 4.60 by mid-2023", UOB Group said in a note earlier this month.