Ringgit ends higher against US dollar for fourth consecutive day

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KUALA LUMPUR: The ringgit ended higher against the US dollar for the fourth consecutive day on Friday, as sentiment improved thanks to an 8.9 per cent gross domestic product (GDP) growth in the second quarter (Q2 2022), according to a dealer.

At 6 pm, the local currency rose to 4.4435/4455 versus the greenback from Thursday’s close of 4.4445/4460.

A dealer said sentiment in the market improved after Malaysia reported Q2 GDP growth that outperformed the economic performance of several developed and regional countries such as China (0.4 per cent) and the United States (1.6 per cent).

"This boosted the optimism in the market after the recent jump in Malaysia’s Industrial Production Index announcement earlier this week,” he said.

Bank Negara Malaysia governor Tan Sri Nor Shamsiah Mohd Yunus said the ringgit has remained relatively stable against the currencies of Malaysia's major trading partners despite facing a stronger US dollar environment.

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"In the second quarter, the ringgit’s nominal effective exchange rate (NEER) stood at a marginal depreciation of 0.1 per cent. We cannot be much stronger than our major trade partners because it will affect our competitiveness as well, and all other currencies are weaker than the US dollar,” she said during a joint press conference by BNM and the Department of Statistics.

Meanwhile, the ringgit closed higher against a basket of major currencies.

It improved against the Singapore dollar to 3.2406/2428 from 3.2456/2469 and appreciated versus the British pound to 5.3975/3999 from 5.4307/4326 previously.

The local currency rose vis-a-vis the Japanese yen to 3.3292/3310 from 3.3516/3529 on Thursday and climbed up against the euro at 4.5759/5780 from 4.5934/5949 at yesterday’s closing. - Bernama