ROBUST GROWTH SPILLOVER IN Q1 BOOSTS RINGGIT
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.