Ringgit lower vs US$ as interest dissipates on weak GDP

  • Forex
  • Friday, 14 Feb 2020

KUALA LUMPUR: The ringgit opened lower against the US dollar in early trade on weak buying interest for the local note due to the weaker-than-expected fourth-quarter 2019 gross domestic product (GDP) results.

At 9.26am, the ringgit was quoted at 4.1410/1450 against the greenback from 4.1390/1420 at yesterday's close. A dealer said investors’ interest shifted away from the local note as Malaysia's Q4 2019 GDP performance was lower than the market anticipated, at 3.6 per cent compared with 4.7 per cent in Q4 2018.

"On top of that, Bank Negara Malaysia's also hinted on another round of interest rate cut in the near future, which is not favourable to investors,” he added.

Meanwhile, the ringgit was traded mostly higher against other major currencies, except against the British pound, where it fell to 5.4011/4067 from 5.3683/3730 recorded at the close yesterday.

The ringgit rose against the Singapore dollar to 2.9800/9839 from 2.9824/9852 yesterday, it appreciated vis-a-vis the Japanese yen to 3.7714/7754 from 3.7716/7747 and rose against the euro to 4.4859/4919 from 4.5041/5082 previously. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3


Did you find this article insightful?


100% readers found this article insightful

Across The Star Online