KUALA LUMPUR (June 26): The ringgit is expected to further improve against the US dollar in the last quarter of 2024 (4Q2024), said Deputy Finance Minister Lim Hui Ying.

"The government closely monitors the ringgit's performance, and it has returned to a positive trajectory compared to recent months. We anticipate the ringgit to stabilise further by 4Q2024," said Lim in response to Ahmad Fadhli Shaari (Perikatan Nasional-Pasir Mas) in the Dewan Rakyat on Wednesday.

Lim highlighted that the ringgit had outperformed all regional currencies, being the only currency to appreciate against the greenback since Feb 26.

During this period, the ringgit appreciated by 1.4% against the US dollar, while other regional currencies depreciated, including the Indian rupee by 0.8%, the Singapore dollar by 0.8%, the yuan by 0.9%, the baht by 1.8%, the Taiwanese dollar by 2.4%, the South Korean won by 3.9%, the Philippine peso by 4.9%, the Indonesian rupiah by 5.1%, and the yen by 5.3%.

"Bank Negara Malaysia will continue to take appropriate measures to ensure the stability of the currency and the domestic foreign exchange market, including intervening in excessive currency movements, monitoring the conversion of export proceeds into ringgit, and promoting the use of the local currency in export settlements to reduce reliance on the US dollar," Lim stated.

Lim also reiterated the government's commitment to implementing long-term structural reforms and fiscal strengthening policies to enhance Malaysia's attractiveness to foreign investors and bolster the ringgit.

At the time of writing on Wednesday, the ringgit was trading at 4.71075 versus the greenback. 

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