THE STAR – Malaysia’s ringgit extended gains and touched a three-month high yesterday following Anwar Ibrahim’s appointment as prime minister, which put to rest uncertainty following last week’s inconclusive election.
The ringgit, which was up for the third straight session, rose 0.8 per cent against the US dollar to its highest level since August 15. Stocks in Kuala Lumpur slipped 1.2 per cent after soaring more than four per cent in the previous session.
Anwar started discussions on forming his Cabinet yesterday. His appointment ended five days of post-election crisis, but could usher in further instability with his rival, former prime minister Muhyiddin Yassin, challenging him to prove his majority in parliament.
