Ringgit rebounds to close higher as 2Q GDP forecast beats expectations
At 6pm, the local note rose to 4.2410/2455 from 4.2465/2510 at Thursday's close.
Malaysia's economy is forecast to grow by 4.5 per cent in the second quarter of 2025 (2Q 2025) based on advance gross domestic product (GDP) estimates, slightly outpacing the previous quarter's 4.4 per cent.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent pre‑emptive overnight policy rate cut by Bank Negara Malaysia would likely support growth in the second half, especially as downside risks have increased.
'The ringgit appeared to have gained some strength today, improving 0.13 per cent against the US dollar,' he noted.
Second quarter growth was driven by robust domestic demand, with the growth momentum sustained in April and May, with a stronger performance anticipated in June, according to the Department of Statistics Malaysia's (DOSM) advance forecast today.
At the close, the ringgit traded mostly easier against a basket of major currencies.
It improved against the Japanese yen to 2.8517/8549 from 2.8548/8580 at yesterday's close, but eased versus the euro to 4.9336/9388 from 4.9217/9269 and retreated against the British pound to 5.6999/7060 from 5.6886/6946.
The local note trended mostly higher against Asean currencies.
It slipped against the Indonesian rupiah to 260.2/260.6 compared with yesterday's 259.8/260.2, fell against the Thai baht to 13.3027/3065 from 13.0521/0720 and traded down vis-à-vis the Singapore dollar to 3.3027/3065 from 3.3013/3051.
It was traded almost flat versus the Philippine peso at 7.41/7.43 from 7.41/7.43. — Bernama
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Properties with strong locations, connectivity and design features continue to attract buyers, while poorly located or overbuilt units struggle," Tan said. Competition among developers remains intense, with many offering incentives to boost sales without officially cutting prices. These include price rebates, renovation packages, legal fee absorption and even lifestyle perks like travel vouchers. OPR Cut Sparks Renewed Buyer Interest BNM's OPR cut to 2.75 per cent on July 10, after about two years of no change, has boosted buyer sentiment. While the OPR rate remained unchanged at 3.0 per cent since May 2023, the latest cut is seen as an opportune time for homebuyers to enter the market. Real estate experts reported a noticeable increase in property viewings and home loan inquiries following the rate cut. "This reduction improves affordability. A borrower financing a RM500,000 home could save around RM66 per month, adding up to RM23,000 over a 30-year loan. 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