KUALA LUMPUR (Jan 16): The appreciation of the ringgit, which has breached the psychological 4.0-level against the US dollar, has given a positive indication that it will continue to strengthen and rise in line with
the country’s strong economic fundamentals.

UMNO Youth movement in a media statement yesterday said it was confident the excellent performance would continue in tandem with Malaysia’s key economic indicators which were becoming positive, namely exports growth and higher gross domestic product as well as more encouraging economic activities.

“UMNO Youth believes that besides political stability, these factors also helped in increasing investor sentiment in Malaysia’s economic growth and subsequently supports in the stability of the ringgit value,” said its Media Director, UMNO Youth Information Committee, Rahimi Abd Karim. 

He further said this performance had also refuted the claims by certain parties especially the opposition that Malaysia’s economy was getting weaker under the administration of Prime Minister Datuk Seri Najib Tun Razak.

In fact with the current political stability, as well as continuous efforts by the government, and with the support of the global economic condition, the country’s economic standing would be further elevated, he added.

The ringgit closed higher yesterday at 3.9540/9580 against the US dollar from 3.9700/9730 at Friday’s close.