The local currency slipped past 4.8 against the US dollar last week, the weakest level since January 1998, during the height of the Asian financial crisis.

“Given Malaysia’s positive economic fundamentals and prospects, the ringgit ought to be traded higher,” he said in a three-paragraph statement.

Rasheed also said the central bank has stepped up engagements with government-linked companies, government-linked investment companies, corporations and investors to encourage continuous inflows to the foreign exchange market.

Earlier, Bloomberg reported that Malaysian businesses are paying a high price for their country’s weak currency which it said is making importing material and servicing foreign debt more costly.

Industries from airlines to raw material-intensive sectors are particularly at risk, according to S&P Global Ratings.

The ringgit had slid to its lowest level since the Asian financial crisis in the late 1990s and the government has assigned the central bank to closely monitor the currency, Prime Minister Anwar Ibrahim said last Friday.