Mon, 25 Apr 2011 07:43:07 GMT | By Sebastian Loh

Ringgit strikes 13-year high

Time for a holiday? Time to grab that designer bag you've always wanted? It's a good time to embrace your inner shopaholic.

AP File Photo (© AP File Photo)

AP File Photo

According to The Star, a Malaysian newspaper, the ringgit is expected by economists to strengthen against the US dollar. Some said a rate between 2.95 and 2.90 against the US currency would become reality in the coming months.

Dr. Yeah Kim Leng, the RAM Holdings Bhd chief economist, placed the projected rate at 2.93 against US$1.

The exchange rate was RM3.01 to US$1 on the last trading day. The 13-year high of 3.0290 was hit on February 4th. This level of currency strength has not been seen since the tumultous Asian financial crisis in 1997/1998 - the period during which the ringgit was pegged to the US greenback.

Dr. Yeah explained that a stronger ringgit would result in cheaper imported goods, increased purchasing power overseas, and savings on travel and education abroad.

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SEE ALSO:
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