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Ringgit higher against US Dollar Tuesday, 23 May 2017

Tuesday, 23 May 2017

KUALA LUMPUR: The ringgit was higher against the dollar, riding high on the back of Malaysia’s robust first-quarter 2017 (1Q2017) Gross Domestic Product (GDP) growth data. Dealers noted increased buying interest for the ringgit which saw the local note appreciate to 4.2950/2980 at 9.04am (0104gmt) against the greenback from 4.3030/3060 at 6pm on Monday.

The Malaysian economy recorded a 5.6% growth in 1Q17 against the 4.1 per cent recorded in the same quarter of 2016, making it the fastest growth in 2 years. Against the other major currencies, the ringgit was traded mixed.

It rose against the Singapore dollar to 3.0975/1001 from 3.1013/1054 on Monday and increased against the British pound to 5.5749/5792 from 5.5917/5974.

The ringgit, however, depreciated against the Japanese yen to 3.8641/8686 from 3.8627/8671 and weakened vis-a-vis the euro to 4.8276/8327 from 4.8189/8240 Monday.

Source by: Internet

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