RO­BUST GROWTH SPILLOVER IN Q1 BOOSTS RING­GIT

New Straits Times - - Business -

KUALA LUMPUR: The ring­git closed higher against the US dol­lar yes­ter­day due to the pos­i­tive spillover of ro­bust eco­nomic growth recorded in the first quar­ter of this year, against a back­drop of an alarm­ing ex­ter­nal geo-politi­cal en­vi­ron­ment, said deal­ers.

At 6pm, the lo­cal unit was quoted at 4.2920/2950 against the green­back from Mon­day’s close of 4.3030/3060.

Malaysia’s first-quar­ter gross do­mes­tic prod­uct growth of 5.6 per cent con­trib­uted to the up­beat sen­ti­ment.

Ex­ter­nally, all eyes were on the aftermath of a bomb­ing which killed more than 20 peo­ple at a con­cert in Manch­ester, Eng­land ear­lier yes­ter­day, send­ing tremors to in­vestors at the for­eign ex­change mar­ket.

Against other ma­jor cur­ren­cies, the ring­git traded mostly higher. It rose against the Sin­ga­pore dol­lar to 3.0938/0971 from 3.1013/1054 on Mon­day and strength­ened ver­sus the Ja­panese yen to 3.8611/8641 from 3.8627/8671.

The lo­cal unit ap­pre­ci­ated against the Bri­tish pound to 5.5770/5814 from 5.5917/5974 and con­tracted vis-a-vis the euro to 4.8319/8357 from 4.8189/8240 on Mon­day. Ber­nama

The ring­git was quoted at 4.2920/2950 against the green­back at 6pm yes­ter­day.

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