KUALA LUMPUR: The Malaysian ringgit remains resilient despite recent market fluctuations and global developments, says Finance Minister II Datuk Seri Amir Hamzah Azizan.
He said that as of Nov 4, the ringgit had strengthened by 5.03 per cent against the US dollar.
The ringgit has also appreciated against several regional currencies, rising by 13.3 per cent against the Japanese yen, 12.2 per cent against the South Korean won, 7.5 per cent against the Indonesian rupiah, and 3.7 per cent against the Thai baht.
Amir Hamzah attributed the ringgit's strength to several factors, including changes in expectations regarding lower benchmark interest rates in major global economies, particularly the US.
"In terms of global developments, changes in expectations of lower benchmark interest rates in major global economies, particularly in the US have contributed to the strengthening of the ringgit.
"Global factors such as geopolitical unrest in the Middle East and the US presidential election have also contributed to fluctuations in global financial markets, including the ringgit and currencies of emerging markets," he said in response to Lim Guan Eng (PH-Bagan).
Lim inquired about the performance of the ringgit this year compared to the US Dollar and other foreign currencies.
Amir Hamzah further said that Malaysia's economy had grown by an average of 5.1 per cent in the first three quarters of 2024, with the Department of Statistics Malaysia (DoSM) estimating 5.3 per cent growth for the third quarter.
"The country's economy is expected to grow between 4.8 and 5.3 per cent this year. Inflation remains low and controlled at 1.8 per cent in September.
"The approved foreign direct investment for the first half of this year stood at RM160 billion, compared to RM136 billion in the same period last year," he said.
He said the government's goal was to ensure that the ringgit is traded in an orderly manner.
"Bank Negara Malaysia is always prepared to take steps in the foreign exchange market (FX intervention) to curb any excessive currency movements," said Amir Hamzah.