SHAH ALAM, 12 Oct: The value of the ringgit recorded an increase at 4.14 for each US dollar today compared to previously where it was trading at a lower rate.
This is considered to be the highest with an increase of about five percent due to the poor performance recorded by the national currency before this.
The Chief Executive Officer of the Selangor Economic Advisor’s Office, Dr Fahmi Ngah, said that several factors allowed this positive changes.
“Among the factors is the postponement of the interest rate hikes in the United States and also the strengthening of regional currencies at the moment,” he said.
The increase was also reportedly due to the recovery of global crude oil prices and support from the country’s export trade that is stronger since August.
For several months, the ringgit was traded weaker against the US Dollar when it stood at about 4.30 to 4.41 per each USD.
This situation raised concern among the people who felt that it will affect the current economy.
The high cost of living, coupled by the rising prices of daily necessities, as well as the introduction of the Goods and Services Tax (GST) on April 1, had an impact on people’s lives.
NS
