Ringgit rises on BNM’s assurance, easing market concerns

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China’s National People’s Congress session is expected to bolster the yuan, a favourable sign for the ringgit given the strong correlation between the two currencies, says analyst.

KUALA LUMPUR: The ringgit strengthened against the US dollar today as assurances from the government and Bank Negara Malaysia regarding the ringgit’s valuation calmed market concerns.He said in a statement today that the central bank has stepped up its engagements with government-linked investment companies, government-linked companies, corporations, and investors to encourage continuous inflows to the foreign exchange market.

He was quoted as saying that the Madani government is not ignoring or taking the decline of the ringgit lightly as it is making continuous efforts to address the issue while simultaneously assuring Malaysia’s investment figures remain intact. “This development is particularly favourable for the ringgit as the significant trading relationship between Malaysia and China underscores a strong correlation between the two currencies.

“This could change the bearish narrative on the ringgit, given the positive outlook on the yuan and Malaysia’s economic fundamentals,” he told Bernama.

 

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