The ringgit continued to strengthen against the US dollar and Asean currencies ahead of the release of Malaysia’s 2024 gross domestic product (GDP) data today.
At 10.20am, the ringgit was at 4.4370, up 0.36% against the US dollar from its close of 4.4535 at the end of Thursday.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said Malaysia’s fourth quarter (Q4) growth is expected at 4.8% and full-year 2024 growth is projected at 5.1%, indicating that the economy has grown at a good pace last year.
He added that this will prompt the central bank to keep the overnight policy rate steady at 3.00% which will support the ringgit, as its Asean counterparts have started to ease their monetary policy.
The ringgit is set to make a good start today and may attempt to break its immediate support level of RM4.45.
Meanwhile, the ringgit traded lower against a basket of major currencies but appreciated against the euro to 4.6373/6613 from 4.6419/6487 at Thursday's close.
It depreciated against the Japanese yen to 2.8978/9130 from 2.8917/8961 and depreciated against the British pound to 5.5690/5979 from 5.5615/5696 at yesterday's close.
The local note traded higher against Asean currencies.
The ringgit rose against the Singapore dollar to 3.2987/3166 from 3.2999/3049 and rose against the Thai baht to 13.1595/2380 from 13.1644/1906 previously.
It also strengthened against the Indonesian rupiah to 270.9/272.4 from 272.1/272.7 and rose against the Philippine peso to 7.63/7.68 from 7.67/7.68 at yesterday's close.
