Ringgit ends higher on strong GDP growth data


KUALA LUMPUR: The ringgit closed higher against the US dollar following encouraging first-quarter 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 close 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 rise by 5.8 per cent.

The surprisingly upbeat data pushed the ringgit higher against most 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