Since February 26, 2024, the ringgit has been the only regional currency that has strengthened against the US dollar, says Ban— Reuters file picKUALA LUMPUR, April 8 — Ongoing coordinated efforts by government-linked companies , government-linked investment companies , Malaysian corporates and businesses have strengthened the ringgit, Bank Negara Malaysia said today.
Across the same period, the average daily foreign exchange volume stood at US$17.6 billion compared to US$15.5 billion in 2023, said the central bank in a statement.FMC members noted that the higher FX conversion activities in the onshore FX market were driven by the significant flows arising from the coordinated efforts as well as opportunistic selling of US dollars by certain exporters.
FMC chairman and BNM deputy governor Adnan Zaylani stated: “The current ringgit level is deemed undervalued, particularly as Malaysia’s economic fundamentals continue to be strong and the economic prospect is positive.”