KUALA LUMPUR, May 19 — The ringgit closed sharply higher against major currencies today but hit a six-month high of 3.2115/2145 against the US dollar.
The encouraging Gross Domestic Product (GDP) data released by Bank Negara on Friday helped strengthen the local unit to 3.2325/2355 on that day and the spillover effect saw the currency appreciate further at the beginning of this week, said a dealer.
The ringgit last recorded a high of 3.2150/2180 against the greenback on December 11, 2013.
“The GDP figures boosted the market and gained investors’ confidence. Against this backdrop, we anticipate the local currency to move up to the 3.200 level,” he said.
Last week, the central bank announced that Malaysia’s GDP grew 6.2 per cent in the first quarter from 4.2 per cent recorded in the same period last year anchored by domestic demand and a turnaround in net exports.
The domestic unit appreciated the most against the British pound to 5.3969/3029 from 5.4309/4376 last Friday and strengthened against the euro to 4.4023/4068 from 4.4340/4391 previously.
It rose against the yen to 3.1684/1717 from 3.1822/1858 last Friday and gained against the Singapore dollar to 2.5684/5710 from last Friday’s 2.5810/5853. — Bernama
