News Column

Malaysian Ringgit Extends Rise As Malaysia's Export Growth Exceeds Forecast

June 6, 2014

KUALA LUMPUR (Alliance News) - The Malaysian ringgit extended its gain against the US dollar in the European session on Friday following the release of a report showing an increase in Malaysia's exports in April.

Malaysian export growth accelerated more than expected in April and imports rose unexpectedly, preliminary figures from the Department of Statistics.

Exports of manufactured goods grew by 18% in April and that of electrical and electronic products by 22%.

Meanwhile, imports rose 5% annually in April, in contrast to economist's forecast for a decline of 0.7%.

The trade surplus stood at MYR 8.87 billion in April, which was more than the MYR 6.75 billion surplus expected by economists.

Against the greenback, the ringgit rose to a 1-week high of 3.2125, from an early low of 3.2290. The pair closed yesterday's deals at 3.2279.

If the ringgit extends its uptrend, it is likely to find resistance around the 3.20 area.

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Source: Alliance News

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