Malaysia: Ringgit moves higher on positive growth outlook

• Dec 15, 2017

KUALA LUMPUR: The ringgit extended Thursday’s gains to be higher against the US dollar early Friday, boosted by strong sentiment towards the local currency, dealers said.

At 9 am(0100gmt), the local unit stood at 4.0760/0800 from 4.0830/0860 at Thursday’s close.

A dealer said the demand for the ringgit has strengthened following the positive outlook from international rating agencies and research houses, projecting Malaysia’s economy to end 2017 on a firm note and forecasting a stronger 2018.

World Bank Group expected Malaysia’s 2017 gross domestic product (GDP) to grow at 5.8 per cent year-on-year, the highest annual growth rate since 2014 and for 2018, the economy would remain strong with a growth of 5.2 per cent.

Meanwhile, Moody’s Investors Service projected Malaysia would be able to maintain its strong growth trend with the economy’s long-term potential growth to stay robust at around five per cent, significantly stronger than most other A-rated sovereigns.

It said Malaysia’s fiscal deficit would narrow from 2.8 per cent of GDP in 2018, as and when strong nominal GDP growth boost revenue.

“These positive outlook help spur risks appetite for the ringgit making it among Asian currencies biggest gainer,” a dealer told Bernama.

Against other major currencies, the ringgit was traded mostly higher except for yen where it depreciated to 3.6286/6328 from Thursday’s close of 3.6200/6233

The ringgit rose against the Singapore dollar to 3.0276/0321 from 3.0294/0321 on Thursday, strengthened versus the British pound to 5.4769/4835 from 5.4929/4985 on Thursday and appreciated against the euro to 4.8040/8091 from 4.8253/8305 Thursday.

– Bernama

EXCHANGE RATES ISSUED BY MALAYAN BANKING BHD

: DEC 15
 SELLING TT/ODBUYING TTBUYING OD

 1 US Dollar4.14104.01604.0060
 1 Australian Dollar3.17003.08503.0690
 1 Brunei Dollar3.07202.99002.9820
 1 Canadian Dollar3.23103.15103.1390
 1 Euro4.86404.74404.7240
 1 New Zealand Dollar2.90202.80302.7870
 1 Papua N Guinea KinaNANA0.0000
 1 Singapore Dollar3.07152.99002.9820
 1 Sterling Pound5.53505.42605.4060
 1 Swiss Franc4.16904.08204.0670
 100 UAE Dirham113.8900108.1900107.9900
 100 Bangladesh Taka5.07004.80504.6050
 100 Chinese RenminbiNANA0.0000
 100 Danish Krone67.140061.920061.7200
 100 Hongkong Dollar53.550050.900050.7000
 100 Indian Rupee6.53306.15005.9500
 100 Indonesian Rupiah0.03160.02850.0235
 100 Japanese Yen3.68403.57903.5690
 100 New Taiwan DollarNANA0.0000
 100 Norwegian Krone51.180047.180046.9800
 100 Pakistan Rupee3.83003.60003.4000
 100 Philippine Peso8.32007.85007.6500
 100 Qatar Riyal114.9100109.0900108.8900
 100 Saudi Riyal111.5800105.9300105.7300
 100 South Africa Rand31.440028.950028.7500
 100 Sri Lanka Rupee2.77002.55002.3500
 100 Swedish Krona50.490046.090045.8900
 100 Thai Baht13.260011.860011.4600 — 

– Bernama

Source: https://www.thestar.com.my/business/business-news/2017/12/15/ringgit-up-against-us$/#voFhhDHlVMx4kOAh.99