News Column

Malayisan Ringgit Rises To Nearly 8-month High Vs US Dollar

July 3, 2014

KUALA LUMPUR (Alliance News) - The Malaysian ringgit strengthened against the US dollar in the Asian session on Friday after Malaysia's export growth accelerated more-than-expected in May.

The Department of Statistics said that the Total export of the country grew 16.3% year-on-year in May and was the eleventh consecutive increase and exceeded the 15.2% growth forecast by economists.

Exports of manufactured goods expanded by 14.4% on a yearly basis in May.At the same time, imports advanced by 11.9% annually in May, well above the economists' expectation for a 7.9% growth.

The trade surplus almost doubled to MYR 5.72 billion in May from last year. But the figure was smaller than the expected surplus of MYR 7.97 billion.

Against the greenback, the ringgit rose to nearly an 8-month high of 3.1850. At yesterday's close, the rinngit was trading at 3.1945 against the greenback.

The ringgit may find resistance near the 3.18 zone.

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Source: Alliance News

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