Ringgit ends higher on encouraging GDP figures

KUALA LUMPUR: The ringgit closed higher against the US dollar following the encouraging first-quarter (1Q17) Gross Domestic Product (GDP) growth data released today.

At 6pm, the local unit was quoted at 4.3180/3230 against the greenback from yesterday's closing of 4.3260/3290.

Malaysia's economy recorded robust growth of 5.6 per cent in 1Q17 against the 4.1 per cent in the same quarter of 2016, boosted by strong domestic demand and private expenditure.

It was the best since the corresponding quarter of 2015, which saw the GDP at 5.8 per cent.

The surprise upside of the data brought ringgit higher against most of major currencies except with the euro.

The ringgit rose against the Singapore dollar to 3.1056/1114 from 3.1062/1088 on Thursday and strengthened versus the Japanese yen to 3.8723/8782 from yesterday's 3.9203/9244.

The local unit appreciated against the British pound to 5.6177/6247 from 5.6398/6446 but contracted vis-a-vis the euro to 4.8176/8245 from 4.8096/8147 yesterday. — Bernama