KUALA LUMPUR (Aug 15): The ringgit opened lower on lack of demand for the local note with investors staying on the sidelines ahead of Bank Negara Malaysia’s (BNM) second-quarter gross domestic product (GDP) announcement tomorrow.
At 9 am, the ringgit stood at 4.1910/1960 against the greenback versus 4.1870/1900 recorded at Wednesday’s close.
A dealer said analysts were cautious with their forecast with some projecting a higher growth for the quarter under review while some view it to be slightly lower.
“StanChart (Standard Chartered) for example has lowered its 2019 GDP growth forecast for Malaysia to 4.6 per cent from 4.9 per cent, due to impact from a poor external environment,” he said. - Bernama