KUALA LUMPUR (BERNAMA) – The ringgit is expected to be stronger against the US dollar in the last quarter of 2024, according to Malaysian Deputy Finance Minister Lim Hui Ying.
She said the performance of the ringgit is on the right track in strengthening against the greenback over the last few months based on the economic and investment performance.
In February, Finance Minister II Datuk Seri Amir Hamzah Azizan targeted the value of the ringgit to be traded at MYR4.50 against the US dollar at the end of the year 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 at the Dewan Rakyat today in reply to a question from Hassan Abdul Karim (PH-Pasir Gudang) about the performance of the ringgit against the US dollar recently.
Lim said the government also expects this inflow of funds and foreign investment to continue and further strengthen the ringgit.
The country recorded an approved investment of MYR83.7 billion for the first quarter of this year, an increase of 13 per cent year-on-year, and of that amount, MYR47 billion was foreign direct investment while MYR36.7 billion was domestic direct investment.
im said the ringgit was also the only regional currency that strengthened by 1.4 per cent against the US dollar since Feb 26, 2024.
On the other hand, regional currencies such as the Indian rupee contracted -0.8 per cent, the Singapore dollar (-0.8 per cent), the Chinese yuan (-0.9 per cent), the Thai baht (-1.8 per cent), the Taiwan dollar (-2.4 per cent), the Korean won (-3.9 per cent), the Philippine peso (-4.9 per cent), the Indonesian rupiah (-5.1 per cent) and the Japanese yen (-5.3 per cent).
