Ringgit rises on weak US factory data

KUALA LUMPUR: The ringgit opened higher against the US dollar this morning as the release of weaker-than-expected US manufacturing sector data lifted market sentiment towards the ringgit.

At 9.06am, the local note was at 4.1850/1900 against the greenback from 4.1930/1960 at the close yesterday.

A dealer said the US manufacturing sector contracted in September to its weakest level in more than a decade as business conditions worsened amid the trade tensions between China and the United States.

“This helped shifted investors’ interest towards the ringgit,” he added.

Meanwhile, the ringgit traded mixed against other major currencies. It rose against the Singapore dollar to 3.0217/0264 from 3.0242/0272 at the close yesterday and increased against the British pound to 5.1455/1524 from 5.1507/1560.

The local note fell against the yen to 3.8858/8912 from 3.8695/8733 and declined against the euro to 4.5767/5839 from 4.5670/5715 previously. – Bernama

Source: TheStar