Malaysian currency on Wednesday continued the upward momentum against the greenback, further breaking the nine-year high set on Tuesday.
It closed at 3.4930/4940 against the U.S. dollars on Wednesday, jumping from the 3.4955/4980 in the previous day. The ringgit on Tuesday breached the 3.50 barrier, the highest record since the early 1998.
Local media reports said strong foreign fund flows into the stock market and friendly comments from the central bank supported the further strengthening of the local currency.
Malaysia pegged the ringgit against the U.S. dollar at 3.80 since 1998. Beginning from July 2005, it was de-pegged and floated against a basket of currencies. It has appreciated gradually since then.
Local think tank Asian Strategy and Leadership Institute (ASLI) said the currency is expected to further appreciate with the ringgit at 3.4 against the U.S.
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