Ringgit gains in early trade on weaker US dollar index

 The local currency opens higher at 4.0605/4.0730 as traders position ahead of key US data.

KUALA LUMPUR:

The ringgit was higher against the US dollar in the early session today, tracking a weaker US dollar index (DXY) as traders positioned ahead of key US labour market and consumer confidence data.

At 8.03am, the local currency was pegged at 4.0605/4.0730 against the greenback from Monday’s close of 4.0680/4.0735.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US dollar remained at an elevated level in the absence of market-moving data points while the DXY stood at 101.10 points, declining by 0.25% from the previous close. - FMT

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