Now Malaysian can be proud of the Ringgit closed higher against the greenback since last 1998. Wow, now we hope this will accelerate our nation economy growth hence it will be an opportunity to the other country to invest in Malaysia..Hola hola, please read more..

KUALA LUMPUR, May 14 (Bernama) — The ringgit closed higher against the US dollar Monday to hit a new nine-year high since 1998, supported by continued inflow of funds and strong trade surplus, dealers said.

At 5pm, the ringgit was traded at 3.4000/4020 against the US dollar compared with last Friday’s closing of 3.4090/4110.

Dealers said the local unit gained further against the greenback as foreign funds continued to raise their ringgit position in anticipation of strong economic growth.

“Our economy is strengthening with expectation of a better growth performance, rising foreign reserves and strong current account surplus,” a dealer said.

The central bank said last week that rising trade and foreign direct investment had helped to boost Malaysia’s foreign-exchange reserves by 2.3 percent to a record of US$91.6 billion on April 30.

Another dealer said the ringgit’s appreciation was also in tandem with the rise in the local stock market.

The benchmark Kuala Lumpur Composite Index rose 8.14 points, or 0.60 percent, to close at 1,359.59. It had opened 4.35 points higher at 1,355.80.

Meanwhile, Deputy Prime Minister Datuk Seri Najib Tun Razak said today the government was not overly worried about the continued strengthening of the ringgit against the US dollar.

He said the impact of the stronger ringgit on the economy would not be significant.

In late trading today, the local unit was mixed against other major currencies.

Against the Singapore dollar, it depreciated to 2.2424/2455 compared with last Friday’s closing of 2.2422/2450 but firmer against the yen at 2.8260/8284 from 2.8446/8468 previously.

The ringgit was higher against the British pound at 6.7340/7394 from 6.7447/7493 but weaker against the euro at 4.6026/6056 from 4.5926/5973 previously.

Source by BERNAMA.