Ringgit gets boost ahead of GDP announcement

KUALA LUMPUR,. The ringgit opened higher against the US dollar this morning as the greenback retreated from recent gains and amid positive local sentiment ahead of the announcement on Malaysia’s 2017 gross domestic product (GDP) figure, dealers said.

At 9.00 am, the ringgit stood at 3.9350/9380 against the greenback from Monday’s close of 3.9370/9400.
A dealer said Wall Street’s continued rebound and that of other major stock markets, has helped ease worries among investors, making safe haven currencies less attractive.

Bank Negara Malaysia is set to announce Malaysia’s fourth quarter GDP data for 2017 tomorrow, which is expected to push past the five per cent-mark.

Meanwhile, the ringgit was mixed against a basket of major currencies.

It fell against the euro to 4.8345/8386 from 4.8279/8320 on Monday and was marginally lower against the Japanese yen at 3.6204/6235 compared to 3.6202/6240.

The ringgit, however, rose against the British pound to 5.4445/4490 from 5.4504/4553 and was almost unchanged versus the Singapore dollar at 2.9689/9732 from 2.9689/9713.

– Bernama

Tagged with