CYBERJAYA, Aug 6 – The strengthening of the ringgit reflects the fundamentals of the country’s economy and policies, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He noted that despite tough policy implementation decisions, confidence has grown among both foreign and local investors.
“We look at the capital market and stock market, showing that investors are confident about the prospects of Malaysia. Additionally, the first quarter gross domestic product (GDP) growth and the second quarter advanced estimate of about 5.8 per cent. All these are the basis of the ringgit strengthening,” he said when asked about the ringgit’s performance.
At 8 am Tuesday, the ringgit traded slightly higher at 4.4200/4300 against the US dollar, compared to Monday’s close of 4.4240/4305.
Economists noted that the ringgit has made impressive gains this year, appreciating 4.1 per cent against the US dollar.
