Ringgit Goes Higher as Economy Grows & Control Relaxes

The Malaysian ringgit advanced today after Malaysia’s economy posted the faster-than-expected growth and the central bank relaxed foreign-exchange controls.

The nation’s economy grew 8.9 percent last quarter, compared to the forecast value of 8.4 percent. Malaysia’s economic growth was almost fastest in the decade in the second quarter, spurred by the growing exports of oil and electronics and the increasing domestic spending. The central bank eased the foreign-exchange regime, which was installed in 1998 during the peak of the Asian financial crisis.

USD/MYR fell from 3.1480 to 3.1258 today as of 12:09 GMT, following the surge to 3.1590.

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