BNM governor: Ringgit is undervalued

KUALA LUMPUR: Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour today said the ringgit is undervalued.

"Given Malaysia's positive economic fundamentals and prospects, the ringgit ought to be traded higher," he said in a shortly worded statement.

BNM said it has stepped up its engagements with government-linked investment companies, government-linked companies, corporations and investors to encourage continuous inflows to the foreign exchange market.

The ringgit was traded at 4.7770/7810 to the US dollar as at 9am today.

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