How much did export growth and import growth lift the ringgit?

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Ringgit Performance Amidst Economic Data and Global Volatility

The ringgit's movement against major currencies was supported by Malaysia's robust economic data, which included a substantial expansion in both exports and imports. Specifically, exports saw a 45.4 per cent increase to RM177.9 billion, while imports rose by 43.9 per cent to RM163.0 billion in the reviewed month. This strong trade performance contributed to a widening trade surplus of RM14.9 billion, a 64.9 per cent surge.
Ringgit Stability Against the US Dollar

The local currency opened flat against the US dollar at 4.0895/0950, maintaining its previous day's closing level. This stability occurred despite broader global market volatility and a slightly firmer US dollar index, which stood at 100.996 points. Factors such as rising oil prices and geopolitical tensions in the Middle East, including threats against Saudi shipping, were noted as influencing global currency movements.
Ringgit Appreciation Against Other Major Currencies

Beyond the US dollar, the ringgit demonstrated strength against several other major currencies. It appreciated against the British pound, moving from 5.5049/5123 to 5.4926/5000. Similarly, it strengthened against the euro, changing from 4.6743/6806 to 4.6686/6749. The ringgit also saw gains against the Japanese yen, trading at 2.5169/5205 compared to its previous close of 2.5177/5212.
Mixed Performance Against Regional Peers

Against regional currencies, the ringgit exhibited a more mixed performance. It experienced slight gains against the Singapore dollar, moving from 3.1677/1722 to 3.1675/1722, and strengthened versus the Thai baht, from 12.1556/1759 to 12.1512/1734. However, the ringgit remained unchanged against the Indonesian rupiah at 227.8/228.2 and flat against the Philippine peso at 6.63/6.64.

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How much did export growth and import growth lift the ringgit?

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