TOKYO -- Malaysia's Prime Minister Anwar Ibrahim plans to gradually increase the use of the country's currency in trade, hoping to soften the foreign exchange impact as the U.S. dollar strengthens against many Asian currencies.
This year, the Malaysian ringgit has dipped by around 5% against the U.S. dollar, hitting its lowest in 25 years in late October as the U.S. Federal Reserve continued to raise its rates. With the dollar dominating global trade, a weak local currency would mean higher import costs. It would also increase the burden of dollar-denominated debt for emerging economies.
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