KUALA LUMPUR: The ringgit opened higher against the US dollar on Wednesday on continued buying momentum for the local note, supported by the positive Malaysian economy, a dealer said.
At 9.01am, the ringgit was quoted at 3.8875/8920 from the 3.8885/8925 recorded at Tuesday’s close.
A dealer said the ringgit received a boost from higher global oil prices, coupled with news that the country’s 2018 gross domestic product (GDP) is set to improve further.
The Malaysian Institute of Economic Research (Mier) yesterday revised upward its GDP growth projection for Malaysia this year by 0.1 percentage point to 5.5% from the previous 5.4 per cent, mainly driven by domestic and private consumption.
On the ringgit, Mier said it had appreciated significantly from the previous 4.50 versus the US dollar and was likely to improve to between 3.65-3.70 by year-end if the momentum continues.
The ringgit opened higher against a basket of major currencies.
It rose against the Singapore dollar to 2.9639/9685 from 2.9690/9725 and appreciated against the yen to 3.6264/6309 from 3.6317/6365.
The ringgit improved against British pound to 5.5556/5632 from 5.5676/5752 and vis-a-vis the euro, advanced to 4.8069/8132 from 4.8101/8166. — Bernama
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