KUALA LUMPUR, Sept 3 — The ringgit was trading higher against the US dollar early today, still riding on positive investors’ sentiment tracking Malaysia’s manufacturing Purchasing Managers’ Index (PMI) which climbed to 43.4 last month from 40.1 in July 2021.
The local note was continuing last week’s uptrend versus the greenback. In terms of weekly appreciation, the ringgit rose by about 1.07 per cent against the US dollar last Friday.
At 9am today, the local note improved to 4.1410/1440 from 4.1445/1475 on Friday.
Adding to the sentiment was the weak US employment data released on Friday, automatically signalling the Federal Reserve (Fed) to maintain the cost of borrowing the US dollars low while nurturing the economic recovery.
After the Fed, central banks in developing nations are also set to hold their policy meetings this week that will provide directions for traders.
In Malaysia, Bank Negara is expected to begin its two-day monetary policy meeting on Thursday.
Analysts highlighted that the central bank was likely to keep the overnight interest rate at 1.75 per cent.
At the opening bell, the local note was traded mostly lower against a basket of major currencies.
It fell against the Singapore dollar to 3.0850/0877 from 3.0876/0903 on Friday, slipped versus the yen to 3.7707/7734 from 3.7705/7735 and eased vis-a-vis the British pound to 5.7369/7411 from 5.7352/7393.
Against the euro, however, the local currency improved to 4.9187/9222 from 4.9195/9231. — Bernama
Source: Malay Mail
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