PETALING JAYA: Prime Minister Mahathir Mohamad said on Friday (Sep 14) that he thinks the Malaysian ringgit is undervalued.
He noted that the ringgit, along with the currencies of some other countries, has depreciated partly due to the trade friction between China and the United States.
“The fact is that all the currencies are now depreciating like mad. It's not only Malaysia. Other currencies are depreciating at a much faster rate than us," he said, citing similar woes face in Argentina and Turkey.
"A lot of other countries' currencies are depreciating because of the effects of the trade war between China and America as well as poor economic performance of many countries,” he said when queried on the ringgit’s performance at a press conference after chairing the Parti Pribumi Bersatu Malaysia's (Bersatu) supreme leadership council meeting. Dr Mahathir is Bersatu chairman.
The ringgit ended higher against the US dollar on Friday in line with most regional currencies.
At 6 pm, the local unit stood at 4.1370 against the greenback from 4.1430 on Thursday.