In terms of foreign exchange rates, the decision by the US Federal Reserve to raise its key policy rate in June 2022 has led to a significant depreciation of the Malaysian Ringgit in United States Dollar (“USD”) terms. This will have a net positive effect on our business as most of our assets are now denominated in USD. However, we have been negatively impacted by the weakening of the British Pound (“GBP”) against the USD. This weakening has been precipitated by a combination of macroeconomic factors including Brexit and the failure of the British government to secure the quantum of major trade deals that was expected. It led to a FOREX loss of close to RM25 million for Ping Petroleum in FY2022. Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Dec 21 Nov 21 4.18 4.21 4.19 4.19 4.20 4.26 4.38 4.40 4.44 4.46 4.55 0 1 2 3 4 5 Jan 22 Feb 22 Mar 22 Apr 22 Jul 22 Aug 22 Sep 22 Dec 21 Nov 21 1.34 1.33 1.35 1.35 1.32 1.29 1.24 1.23 1.20 1.20 1.13 May 22 Jun 22 0.3 0.3 0.6 0.9 1.2 1.5 MYR/USD Exchange Rate (Monthly Average) GBP/USD Exchange Rate (Monthly Average) 49 DNeX INTEGRATED REPORT 2022
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