KUALA LUMPUR: The ringgit closed slightly lower on Friday against the US dollar on profit-taking following recent gains, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama the ringgit lost some ground today as it appreciated substantially since early May when the USD/MYR was trading at around RM4.7725.However, he noted that the country’s first quarter gross domestic product growth came in better than expected at 4.2 per cent"and it goes to show that the Malaysian economy was quite resilient despite having to endure a weaker ringgit and the rising cost of living.
Afzanizam noted that"BNM has remained consistent in its messaging as the central bank continues to see upside risks to inflation.”
Ringgit US Dollar Mohd Afzanizam Abdul Rashid GDP
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