Malaysian Ringgit Gains vs. US Dollar on Improving Economic Outlook

Jun 27,2019 17:36   Source:Earnforex

Tuanku Abdul Rahman on the ringgit banknotesThe Malaysian ringgit gained on the US dollar today thanks to the upgraded outlook for the nation’s economic growth.

Finance Minister Lim Guan Eng said that he expects Malaysia’s economic growth to be about 5% this year. That is compared to the 4.9% increase estimated in this year’s budget, which was further revised down by the central bank in March to 4.3%-4.8%. Investments increased 3.1% in the first quarter of 2019 from the same period of the previous year, with direct foreign investment in manufacturing surging as much as 127% thanks to the US-China trade war.

USD/MYR slipped 0.11% to $4.1435 as of 11:21 GMT today.

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