Ringgit rises against US dollar but don’t jump for joy

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The ringgit’s rise against the US dollar is reflective of American weakness, not of Malaysia’s strength, say economists. (Bloomberg pic)PETALING JAYA: In the past year, the ringgit has strengthened against the US dollar – but it is not all good news as the Malaysian currency has actually weakened against a basket of other currencies.Economists Carmelo Ferlito and Shankaran Nambiar say the ringgit strengthening against the greenback is down to the situation in the US, which has been hard hit by Covid-19 and political turmoil.“I think that the strengthening reflects more American weakness than Malaysia’s strength per se,” said Ferlito, CEO of the Center for Market Education.He said the historical data of the past year showed that the ringgit performed worse after the fall of the Pakatan Harapan government, which is also when Covid-19 cases began surfacing.Carmelo Ferlito.Ferlito…