KUALA LUMPUR, May 16 — The ringgit rebounded to close higher today helped by gross domestic product (GDP) data that showed first-quarter economic growth was faster than expected, dealers said.
At 6pm, the ringgit was higher at 4.1630/1660 against the greenback compared with 4.1730/1760 at Wednesday’s close.
A dealer said the ringgit strengthened against the greenback after data released by Bank Negara Malaysia showed that the country’s economy expanded 4.5 per cent in the first quarter of 2019, higher than economists’ expectations of 4.3 per cent.
“The data also showed that Malaysia’s current account surplus widened to RM16.4 billion in the first quarter of 2019 from RM10.8 billion in the fourth quarter of 2018,” he said.
The ringgit was traded higher against a basket of major currencies.
The local note traded firmer against the Singapore dollar at 3.0414/0447 from Wednesday’s 3.0471/0497 and appreciated against the Japanese yen to 3.7991/8021 from 3.8162/8193.
The local currency strengthened vis-a-vis the British pound to 5.3407/3462 from 5.3836/3891 and increased against the euro to 4.6667/4713 from 4.6729/6784 yesterday. — Bernama
Source: The Malay Mail Online