Ringgit Claws Back

The local currency has mustered some strengths and broke away from the 4.7 levels to hit new highs of 4.695 (28 May Tuesday) as it continues to appreciate against the dollar.

The ringgit started the month of May at 4.75 and has been trending lower daily to reach a monthly low of 4.68 before moving back up to 4.79 last week.

However, looks like strategies applied by the Malaysian Government and the Central Bank is paying off, among the efforts was in wooing investors to bring home their returns which has succeeded in propping up the ringgit.

The Finance Ministry said in a post on X on Sunday (May 26) that the ringgit recorded the best performance against the US dollar among 10 regional currencies as of mid-May.

From Feb 26 to May 17, the ringgit strengthened 2 per cent against the greenback, while the Singapore dollar, Chinese yuan, Indian rupee and Thai baht depreciated by 0.2 per cent, 0.4 per cent, 0.7 per cent and 1 per cent, respectively.

The South Korean won, Taiwanese dollar, Indonesian rupiah, Philippine peso and Japanese yen fell between 1.9 per cent and 3.4 per cent over the same period.

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