KUALA LUMPUR, June 26 — The ringgit is expected to strengthen against the US dollar in the last quarter of 2024, said Deputy Finance Minister Lim Hui Ying.
She said the ringgit is on the right track, based on economic and investment performance.
In February, Finance Minister II Datuk Seri Amir Hamzah Azizan aimed for the ringgit to be traded at RM4.50 against the US dollar at year-end, driven by the country’s positive economic position.
“Malaysia continues to record success in attracting foreign investment with approved investments soaring in the first quarter.
“This development shows that investors are increasingly confident in the development of the country’s economy and the efforts made by the government,” Lim said in the Dewan Rakyat today in reply to a question from Hassan Abdul Karim (PH-Pasir Gudang) about the recent performance of the ringgit against the US dollar.
Lim said the government expects this inflow of funds and foreign investment to continue and further strengthen the ringgit.
The country recorded an approved investment of RM83.7 billion in the first quarter of this year, an increase of 13 per cent year-on-year, and of that amount, RM47 billion was foreign direct investment while RM36.7 billion was domestic direct investment.
Lim said the ringgit was the only regional currency that has strengthened by 1.4 per cent against the US dollar since February 26.
Regional currencies such as the Indian rupee contracted by 0.8 per cent, the Singapore dollar by 0.8 per cent, the Chinese yuan by 0.9 per cent), the Thai baht by 1.8 per cent, the Taiwan dollar by 2.4 per cent), the Korean won by 3.9 per cent, the Philippine peso by 4.9 per cent, the Indonesian rupiah by 5.1 per cent, and the Japanese yen by 5.3 per cent.
— Bernama
