Ringgit opens higher against US dollar, major currencies

 The local note rises to 4.0820/4.0885 on stronger demand despite firmer US data strengthening the greenback.

KUALA LUMPUR:

The ringgit opened higher against the US dollar and most major currencies on Friday, supported by stronger demand for the local currency despite firmer US economic data that strengthened the greenback.

At 8am, the ringgit rose to 4.0820/4.0885 against the US dollar from Thursday’s close of 4.0830/4.0875.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) was at 54.5 points in September, compared with 54.6 points in the previous month.

“The New Orders sub-index showed that business activity is expected to remain strong, with the index accelerating to 55.3 points from 53.7 points previously.

“Apart from that, initial jobless claims fell further to 197,000 last week, while the four-week moving average continued to decline to 200,000,” he noted.

Against major currencies, the ringgit rose against the euro to 4.5914/4.5987 from 4.6015/4.6066 at Thursday’s close, appreciated against the British pound to 5.3870/5.3956 from 5.3896/5.3955 yesterday, but depreciated against the Japanese yen to 2.5844/2.5886 from 2.5781/2.5811 previously.

As for Asean currencies, the ringgit eased against the Singapore dollar to 3.1883/3.1936 from 3.1856/3.1894 at Thursday’s close and edged down against the Thai baht to 12.1207/12.1515 from 12.1111/12.1294 yesterday.

The local note remained unchanged against the Philippine peso at 6.50/6.51 and the Indonesian rupiah at 227.2/227.6. - FMT