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Wednesday, 22 November 2017

Heightened #investor confidence in the currency’s fundamentals. #economic-growth spillover by 6.2 per cent.

Malaysia: The ringgit soared against the US dollar this morning as demand for the local note intensified with heightened investor confidence in the currency's fundamentals.
Dealers attribute the increased demand to positive spillover from Malaysia's 6.2 per cent economic growth in the third quarter of this year, and the dollar's subdued performance.
At 9am, the local unit was traded 120 basis points higher at 4.1260/1290 against the greenback from Tuesday's close of 4.1380/1420.
The ringgit also traded higher against a basket of major currencies.
The local unit appreciated against the Singapore dollar to 3.0475/0504 from 3.0525/0568 on Tuesday, and increased against the yen to 3.6741/6771 from 3.6805/6844 yesterday.
It improved versus the euro to 4.8435/8483 from 4.8526/8586, and rose against the British pound to 5.4653/4705 from Tuesday's 5.4779/4836.

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