Ringgit opens sharply higher against US dollar

Ringgit opens sharply higher against US dollar


KUALA LUMPUR,.  The ringgit opened sharply higher against the US dollar this morning following better-than-expected 2017 gross domestic product (GDP) growth, announced yesterday.

At 9am, the ringgit stood at 3.8920/8960 against the greenback, from Wednesday’s close of 3.9170/9210.

The Malaysian economy expanded 5.9 per cent in 2017, the fastest pace in three years.

However, the ringgit was traded mostly lower against a basket of other major currencies.

The local unit rose against the Singapore dollar to 2.9595/9643 from 2.9654/9705 on Wednesday, but weakened slightly against the Japanese yen to 3.6449/6493 from yesterday’s 3.6441/6488.

It depreciated versus the British pound to 5.4511/4591 from 5.4325/4400, and fell vis-a-vis the euro to 4.8471/8529 from 4.8383/8444.