Ringgit expected to strengthen against the U.S. dollar

21:28, April 15, 2010      

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The Malaysian ringgit is expected to further strengthen against the U.S. dollar, touching possibly three ringgit to the greenback by year-end.

Zakariah Abdul Rashid, executive director of Malaysian Institute of Economic Research (MIER), told a press conference here on Thursday that the appreciation trend of the ringgit was in line with the appreciation of other regional currencies.

The ringgit is considered undervalued by some economists in the country. When the international oil prices surged to record high last few years, certain quarters urged the Malaysian government to intervene, allowing the ringgit to appreciate.

Zakariah said that the ringgit would be moving in a direction that would accommodate the long term growth of the country's economy.

As at 5 p.m., a U.S. dollar is sold at 3.19 ringgit, according to Malaysia's central bank.

Source: Xinhua


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