Malaysian ringgit bounces back

An employee holds a stack of Malaysian fifty ringgit banknotes at a currency exchange atore at Bukit Bintang in Kuala Lumpur, Malaysia, on Tuesday, August 25, 2015. Foreign funds have dumped more than 3 billion of the nations shares this year and the ringgit is near a 17-year low as political uncertainty clouds the outlook for an economy rocked by plunging oil prices and an emerging-market selloff. Photographer: Sanjit Das/Bloomberg

PETALING JAYA: The ringgit bounced back to cross 4.25 against the greenback yesterday, marking a confidence factor for markets and likely to strengthen further in the coming weeks, according to currency strategists.

Independent interest rate and foreign exchange strategist Dr Suresh Ramanathan said the stimulus measures launched by the Finance Ministry to support the local stock market earlier this week were among the factors for the ringgit to reverse.