KUALA LUMPUR: The ringgit opened higher against the US dollar upon Monday as purchasing interest for the local note continued, supported by the encouraging financial growth data as well as the easing sentiment for your US dollar due to the latest inflation data, analysts said.
At nine is, the local currency rose to 4. 4430/4480 versus the buck from Friday’s close of 4. 4435/4455.
Based on reports, given the positive major domestic product (GDP) growth of 8. 9 per cent within the second quarter of 2022 (Q2 2022), Finance Minister Tengku Datuk Seri Zafrul Aziz expects that will Malaysia’s growth will certainly continue to accelerate in Q3 2022, powered by private consumption.
Last week, Financial institution Negara Malaysia (BNM) governor Tan Sri Nor Shamsiah Mohd Yunus said the ringgit has remained relatively stable against Malaysia’s major investing partners’ currencies, regardless of the stronger US buck environment.
The governor said that within Q2 2022, the ringgit’s nominal efficient exchange rate (NEER) stood at a marginal depreciation of 0. 1 per cent.
Meanwhile, the ringgit saw blended trading against a basket of main currencies this morning.
It fell against the Singapore dollar in order to 3. 2424/2465 from 3. 2406/2428 from Friday’s close, plus weakened vis-a-vis japan yen to 3 or more. 3956/3439 from 3. 3292/3310 previously.
However , the local take note appreciated versus the British pound to five. 3956/4017 from five. 3975/3999 on Friday and marginally went up against the euro at 4. 5621/5672 from 4. 5759/5780 previously. – Bernama