The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Tuesday.
In other economic news, data from the Department of Statistics showed that the leading index for Malaysia fell by 0.3 percent month-over-month to 119.6 in January from 119.9 in December. In November, the reading was 119.3. On an annual basis, leading index increased at a slower pace of 2.3 percent in January, following a 3.3 percent rise in the prior month.
The coincident index that indicates the current economic activity rose slightly to 122.3 in January from 122.1 in December. Yearly, the index climbed 2.2 percent in January, faster than previous month’s 1.9 percent climb.
Against the greenback, the ringgit rose to a 5-day high of 3.6606 from yesterday’s closing value of 3.6815.
If the ringgit extends its uptrend, it is likely to find resistance around the 3.55 region.
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I agree with another ceotmnmer that the grass in always greener on the other side.I am a Singaporean by birth and a 3rd generation Singaporean & still living on this red dot in my 4th decade.I like Malaysia a lot, the hawker & kopitiam food is superbly good prepared with TLC which we no longer have here in Singapore sadly.There is more expression of freedom of rights in Malaysia, your lawyers dare to demonstrate & so do other interest groups without their careers being derailed by the dominant political party. Over here in SG, if you try to do that, you can kiss goodbye to your career for good & also your family will no longer be able to earn a decent living too.Your country, Malaysia has beautiful pristine beaches with such a wide range of blue spectrum seas.Be thankful your country, Malaysia has abundant natural resources ranging from petroleum to oil palm to timber etc… which both indigenious & minority population can be entrepreneurs in investing in these commodities.Just a few things I can think of to be thankful if I were a Malaysian citizen of ethnic Chinese origin. Yes, I am aware that bumiputras are accorded with certain privileges but that has not stopped the other minorities from setting up successful businesses whether SMEs or MNCs.In fact, the entrepreneurial spirit is so much alive & well in Malaysia held by minority race interests and when compared to Singapore the entrepreneurial spirit is absymal at best as the political rulers prefer to have it concentrated in their government held corporations.