As opposed to pressing the panic button over the slide of the ringgit, Culture and Tourism Minister Nazri Abdul Aziz believes there is a silver lining to this.

According to him, it would drive both foreigners and locals to spend more in Malaysia and spur the economy.

"One of the few people happy that the ringgit going down is me. Things become cheap here because we are charging in ringgit not euro," he told a press conference at Parliament today.

Bernama reported that the ringgit extended yesterday's gains to open higher against the US dollar on continued buying momentum for the local currency.

At 9.03 am, the ringgit was higher against the greenback at 3.7470/7500 from 3.7515/7545 at 5 pm on Tuesday.

Against other major currencies, the ringgit was traded mostly lower.

It depreciated marginally against the Singapore dollar to 2.7708/7749 from 2.7707/7737 yesterday but strengthened against the yen to 3.0125/0157 from 3.0183/0215 on Tuesday.

The local note weakened against the pound to 5.7666/7728 from 5.7360/7421 yesterday and depreciated against the euro to 4.2337/2375 from 4.2317/2366 on previously.

Meanwhile, Nazri also asked Malaysians to take the opportunity to travel to local destinations.

"The other thing, Malaysians will think twice of going overseas because its expensive. So they can spend money here as domestic tourists," he said.

Prophet's hair to be put on display

On another matter, Nazri said the government would be bringing Prophet's Muhammad's hair to be put on display to the public.

He said the hair would be brought along with almost 30 other relics belonging to the prophet and his companions.

"I first gazed upon the magnificence of the hair last May.

"We found out that the hair kept growing over the years and I was filled with awe, as if I could feel his spirit with me. It is an invaluable experience," he added.

The display would be held at the Royal Museum, the site of the old national palace in Kuala Lumpur on July 30.