Ringgit below 4.3 mark, first time since October 2016

The ringgit was trading higher against the U.S. dollar and dropped below the 4.3 mark for the first time since October last year.

The strong performance of the local note could be seen as riding high on the back of Malaysia’s first quarter Gross Domestic Product (GDP) announcement by Bank Negara (BNM) last week.

Dealers note that increase buying interest pushed the Ringgit to 4.2950 as of this morning.

Other major currencies saw mixed trading.

Ringgit against Singapore dollar however remained above the 3.0 mark settling at 3.09 ringgit for 1 Singapore dollar as of this morning.

It remains unclear if the ‘feel good’ bump of the ringgit will continue on as the fundamentals of the local note has not changed since BNM’s latest measures to stabilize the currency took place on December 3rd last year.