Malaysian Ringgit Rebounds Against US Dollar

KUALA LUMPUR, March 24 (Bernama) -- The Malaysian ringgit rebounded to open higher against the US dollar on Friday as Bank Negara (Central Bank)'s projection of a 4.3-4.8 per cent growth for the Malaysian economy, this year, was viewed positively by market players. At 9 am, the local note was traded at 4.4250/4330 against the greenback from Thursday's close of 4.4270/4310 "The news created positive sentiment," said a dealer, adding that this would represent stronger growth than the 4.2 per cent growth recorded for 2016. He added that this boosted demand for the local currency. However, economic uncertainties such as ongoing concerns over higher US interest rates and prolonged depression in oil prices were still dampening the market. The ringgit, meanwhile, was traded higher against major currencies. It rose against the Singapore dollar to 3.1589/1669 from 3.1601/1636 on Thursday and increased against the British pound to 5.5268/5373 from 5.5289/5352 on Thursday. It went up against the euro to 4.7635/7739 from Thursday's close of 4.7679/7731 and edged up against the Japanese yen to 3.9747/9836 from 3.9876/9923 on Thursday. --BERNAMA