Ringgit extends gain vs US dollar in opening trade
The ringgit continued to strengthen against the US dollar at the opening session on Monday.
KUALA LUMPUR: The ringgit continued to strengthen against the US dollar at the opening session on Monday, as the Malaysian economy was projected to grow higher than expected to 4.5 per cent in the second quarter, signalling that the country's economy remains resilient.
Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter based on advance gross domestic product (GDP) estimates last Friday, slightly outpacing the previous quarter's 4.4 per cent.
At 8 am, the ringgit rose to 4.2330/2540 against the greenback, compared to Friday's close of 4.2410/2455.
However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid sees the ringgit remaining in a narrow range as concerns over US tariffs continue to affect market sentiment as the Aug 1 deadline looms
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