Ringgit opens higher against US dollar ahead of Q2 GDP data

The ringgit opened higher against the US dollar on Wednesday. At 8am, it rose to 4.0895/4.0950 against the greenback from the previous day's close of 4.0905/4.0940.

The local currency's performance comes ahead of Malaysia's second quarter gross domestic product data, which is slated for release on August 14. According to Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid, as reported by Free Malaysia Today, the economy could expand by 5.8% in Q2.

The ringgit was mostly lower against a basket of major currencies at the opening. It strengthened against the Japanese yen but slid against the euro and eased vis-a-vis the British pound. The US Dollar Index was mostly flat as traders and investors await the US consumer price index data.

Brief written by urgent.news from Free Malaysia Today, New Straits Times, Free Malaysia Today — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.