Ringgit Higher On Positive Market Sentiment

KUALA LUMPUR, Aug 18 (Bernama) -- The ringgit ended higher against the US dollar Friday on better-than-expected Malaysia’s gross domestic product (GDP) in the second quarter of 2017 (2Q17), which sparked positive sentiment in the market. At 6 pm, the local unit was quoted at 4.2880/2910 against the greenback from Thursday's 4.2940/2970. In a statement Friday, FXTM Vice President of Corporate Development and Market Research, Jameel Ahmad, said sentiment towards the Malaysian economy received yet another boost, following news the GDP grew by an annualised 5.8 per cent in 2Q17. “Optimism had been steadily building over recent months that GDP output would surpass estimates with most major economic releases beating expectations, but this is still very welcome news. “It is worth noting that this is the second quarter in succession where GDP readings have smashed expectations, and all eyes will now focus on whether the economy can continue the trend over the remainder of 2017,” he said. Bank Negara Malaysia (Malaysia's Central Bank) announced that Malaysia's economy grew by 5.8 per cent in the 2Q17 compared with four per cent in the same quarter last year. Meanwhile, the ringgit ended mixed against other major currencies. It rose against the Singapore dollar to 3.1423/1457 from 3.1430/1464 on Thursday and depreciated versus the yen to 3.9285/9324 from 3.8997/8032 Thursday. The local unit decreased against the euro to 5.0311/0363 from 5.0261/0305 Thursday and strengthened against the British pound to 5.5247/5302 from 5.5311/5354 on Thursday. -- BERNAMA