KUALA LUMPUR: The ringgit ended the week on a positive observe, closing higher in opposition to the US greenback for the third consecutive session, boosted by positive sentiments on the advance estimates for Malaysia’s gross home product (GDP) that got here in higher than anticipated, mentioned an analyst.
The statistics division mentioned Malaysia’s financial system is forecast to have grown by 3.9% within the first quarter of 2024 (Q1 2024) based mostly on advance estimates, in comparison with 3% in This autumn 2023, pushed by the companies sector.
According to Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid, the advance estimate for Malaysia’s GDP progress means that the financial system stays regular regardless of the higher price of dwelling.
“However, the most recent information on Israel’s retaliation will hold the sentiment weak which may end in higher demand for the US greenback,” he instructed eNM.
At 6pm, the ringgit strengthened to 4.7810/4.7855 in opposition to the dollar from yesterday’s closing of 4.7840/4.7870.
At the shut, the ringgit was traded higher in opposition to a basket of main currencies.
It rose in opposition to the euro to five.0961/5.1009 from 5.1050/5.1082 at yesterday’s shut, expanded vis-a-vis the Japanese yen to three.0947/3.0978 from 3.0980/3.1002, and appreciated versus the British pound to five.9533/5.9589 from 5.9671/5.9708 beforehand.
The native observe was additionally traded higher in opposition to Asean currencies.
It edged up versus the Thai baht to 12.9668/12.9847 in contrast with 13.0053/13.0188 at yesterday’s shut and climbed in opposition to the Singapore greenback to three.5113/3.5149 from 3.5176/3.5201.
The ringgit was additionally higher versus the Philippine peso at 8.30/8.31 in comparison with 8.36/8.37 and rose vis-a-vis the Indonesian rupiah to 293.9/294.4 from 295.6/296 beforehand.
