Malaysian Ringgit Decline In Line With Fall In Global Currencies - PM Dr Mahathir Mohamad

Faizan Hashmi Published August 16, 2018 | 02:08 PM

The decline in the value of the Malaysian ringgit against the US dollar is in line with the fall in other global currencies, caused by the global economic uncertainties, said Prime Minister Dr Mahathir Mohamad

KUALA LUMPUR, (UrduPoint / Pakistan Point News - 16th Aug, 2018 ) :The decline in the value of the Malaysian Ringgit against the US Dollar is in line with the fall in other global currencies, caused by the global economic uncertainties, said Prime Minister Dr Mahathir Mohamad.

He said among these uncertainties was the trade war between the United States (US) and China.

"The currencies of many countries fall (because of the trade war), not just Malaysia," he told reporters after officiating the Cardiac Vascular Sentral Hospital here Thursday.

He said the ringgit's performance was actually better when compared with other currencies globally.

"If (we) compare Malaysia with some other countries, the value of Malaysia's Currency rises," he said.

At the close on Wednesday, the ringgit was traded at 4.1020/1050 compared with the US dollar from 4.0950/1000 on Tuesday.

However, the local unit strengthened against a basket of major currencies, among them the Singapore dollar, Japanese Yen, British pound and euro.