KUALA LUMPUR, Dec 18 — The ringgit rebounded against the US dollar today as sentiment for the local currency improved following the government’s decision to revive several key projects, particularly Bandar Malaysia.
As at 6pm, the ringgit was traded at 4.1370/1400 versus the US dollar compared with 4.1410/1440 yesterday
“The uptrend on ringgit offset the stronger greenback, which is currently on the rise against other major currencies due to the positive development over the US-China trade deal,” a dealer said.
Finance Minister Lim Guan Eng, yesterday, said the revival of the Bandar Malaysia development project, following the “detoxification” exercise by the Pakatan Harapan government, would generate economic impact on the country’s urban development.
He said with an expected gross development value of RM140 billion over the next 20 years, this mixed-use, transited-oriented development in Kuala Lumpur would bring substantive economic value to the nation and create thousands of jobs, particularly in the construction, knowledge, entrepreneurial and technology sectors.
Meanwhile, the ringgit traded mostly higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0520/0547 from 3.0552/0585 yesterday, strengthened versus the British pound to 5.4232/4288 from 5.4636/4693 and increased against the euro to 4.6057/6095 from 4.6168/6218.
The local unit, however, depreciated vis-a-vis the Japanese yen to 3.7802/7832 from 3.7773/7810 previously. — Bernama
