KUALA LUMPUR, March 24 — The ringgit rebounded to open higher against the US dollar today as Bank Negara’s projection of a 4.3-4.8 per cent growth for the Malaysian economy, this year, was viewed positively by market players.
At 9am, the local note was traded at 4.4250/4330 against the greenback from yesterday’s close of 4.4270/4310
“The news created positive sentiment,” said a dealer, adding that this would represent stronger growth than the 4.2 per cent growth recorded for 2016.
He added that this boosted demand for the local currency.
However, economic uncertainties such as ongoing concerns over higher US interest rates and prolonged depression in oil prices were still dampening the market.
The ringgit, meanwhile, was traded higher against major currencies.
It rose against the Singapore dollar to 3.1589/1669 from 3.1601/1636 on yesterday and increased against the British pound to 5.5268/5373 from 5.5289/5352 yesterday.
It went up against the euro to 4.7635/7739 from yesterday’s close of 4.7679/7731 and edged up against the yen to 3.9747/9836 from 3.9876/9923 on yesterday. — Bernama
