Ringgit Opens Higher Against Greenback

KUALA LUMPUR, May 23 (Bernama) -- The ringgit opened higher, riding high on the back of Malaysia’s robust first-quarter 2017 (1Q2017) Gross Domestic Product (GDP) growth data. Dealers noted increased buying interest for the ringgit which saw the local note appreciate to 4.2950/2980 at 9.04am against the greenback from 4.3030/3060 at 6pm on Monday. The Malaysian economy recorded a 5.6 per cent growth in 1Q17 against the 4.1 per cent recorded in the same quarter of 2016, making it the fastest growth in two years. Against the other major currencies, the ringgit was traded mixed. It rose against the Singapore dollar to 3.0975/1001 from 3.1013/1054 on Monday and increased against the British pound to 5.5749/5792 from 5.5917/5974. The ringgit, however, depreciated against the Japanese yen to 3.8641/8686 from 3.8627/8671 and weakened vis-a-vis the euro to 4.8276/8327 from 4.8189/8240 Monday. -- BERNAMA