Malaysian Ringgit Boosts Against Greenback After Strong GDP Growth

The Malaysian ringgit opened stronger against the US dollar on Monday, following news that Malaysia's GDP growth rate in the second quarter of this year was higher than expected.

The local currency strengthened to 4.0830/0890 against the greenback from Friday's close of 4.0840/0885, according to data from Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam.

He attributed the ringgit's performance to Malaysia's 'resilient' economy and its ability to 'continue to surprise on the upside', as reflected in the latest GDP growth rate of 6.0%.

Dr Mohd Afzanizam also noted that geopolitical risk continues to exert upward pressure on crude oil prices, keeping the ringgit in a tight range against the greenback.