Ringgit opens marginally lower against greenback as investors await 1Q FY2024 GDP announcement

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Ringgit Opening News

Ringgit Vs Us Dollar

KUALA LUMPUR, May 17 ― The ringgit opened marginally lower against the US dollar today as investors await the announcement of gross domestic product (GDP) performance for the...

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This is following the performance of the US Dollar Index , which has been decreasing due to the US Federal Reserve's decision not to hike interest rates, providing respite to markets and the economy.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit-US dollar rate could linger around RM4.6840 to RM4.6850 in the near term.

He added that the bank is pencilling in a 4.0 per cent growth, slightly better than the advance estimates of 3.9 per cent. Thus far, the supply-side data has been supportive with all sectors expected to record better growth in the first three months of this year.The ringgit traded easier against a basket of major currencies, except for the Japanese yen.

Ringgit Vs Us Dollar

 

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