Google Malaysia apologises for misquoting currency

Google Malaysia apologised for misquoting the ringgit’s exchange rate against the dollar after the central bank had pointed out the error, Reuters reported on Monday.

The correct exchange rate for the ringgit was 4.7015 at 9 am and 4.7045 at 5 pm on the onshore interbank market.

The ringgit has weakened by 2.44 per cent this year and is considered undervalued by Bank Negara Malaysia (BNM).

Google acknowledged the mistake and resolved the issue by contacting the third-party providing exchange rate information. BNM mentioned that Google had published inaccurate information multiple times.

BNM is taking steps to ensure the stability of the ringgit by increasing flows into the foreign exchange market, according to the report.