KUALA LUMPUR, Oct 9 -- Three consecutive months of strong export output contributed to the ringgit’s recent recovery after it fell to record lows, Datuk Seri Mustapa Mohamed said today.
The international trade and industry minister said the third quarter of this year was good for Malaysia, as national news agency Bernama reported the ringgit trading higher at 4.151 to the US dollar today.
“We’ve had three months in a row of good trade. Export numbers in August were good with over RM10 billion in surplus,” he said at a news conference here.
Mustapa said Putrajaya is seeing overall improvements in market sentiments, but avoided linking it to the recent conclusion in negotiations between the 12 prospective partners of the Trans Pacific Partnership (TPP) agreement.
The ringgit has been the region’s worst performing currency for most of this year, diving below its Asian Financial Crisis peg level of 3.80 to the greenback in July.
The Malaysian currency, however, lead gains among global currencies this week and expected to see its biggest weekly advance since the 1998 crisis amid a surge in crude oil prices.
