Weakening of Ringgit does not affect investors' confidence - Abdul Wahid

The weakening of Ringgit does not affect investors' confidence, said Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar.

"As long as we focus on the fundamentals and core issues, I believe the recovery will come," he said responding to questions from the media after giving his keynote address at the 9th Malaysian Student Leader's Summit at Renaissance Hotel today..

Abdul Wahid added there are several external factors which could impact the currency and Ringgit, one of them is the strengthening of the United States economy.

"Of course, drop in commodity prices such as oil affected us as Malaysia is an oil-producing country.

"Besides that, sentiment also play a part in this," explained Abdul Wahid.

Earlier, Abudl Wahid had also urged Malaysia to rely less on the oil and gas sector.

He said that it is vital for the country's oil and gas reserves to be sustainably managed to ensure its continuous contribution to the nation's economy.