Tony Fernandes: Ringgit strengthening 'long overdue'

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KUALA LUMPUR (Nov 21): AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes said the ringgit's strengthening is long overdue, as the currency has been undervalued for a long time.

Fernandes said this via Twitter today. "Great to see the Malaysian currency strengthening. Long overdue. Exports, great tourism, inflows growing. (Ringgit) been undervalued for a long time." 

At 12:44pm today, the ringgit strengthened to 4.1440 against the U.S. dollar. Over the last one year, the ringgit had appreciated to current levels against the U.S. dollar from 4.5002.