The ringgit opened higher against the US dollar
03/09/2024 09:30 MYTH
The ringgit opened higher against the US dollar as market participants awaited some important economic data this week. - Decorative pictures
KUALA LUMPUR: The ringgit opened higher against the US dollar as market participants waited for some important economic data this week.
At 8.02am, the local currency rose to 4.3485/3595 against the US dollar from 4.3550/3600 on Monday.
Bank Muamalat Malaysia Bhd's Chief Economist, Mohd Afzanizam Abdul Rashid said, it is expected that there will be profit taking activities following the recent sharp rise in the value of the ringgit.
"The possibility of interest rate cuts in the United States (US) in September continues to increase, indicating that the Federal Reserve is on track to start its monetary policy easing cycle this month," he told Bernama.
He said the US Institute of Supply Management (ISM) will release data for the manufacturing sector tonight, which will be monitored after the ISM manufacturing Purchasing Managers' Index (PMI) slipped to 46.8 in July.
He said, consensus estimates show the index will increase to 47.5 in August.
"Therefore, we expect USD/MYR to remain flat today as traders await important data to be announced this week," he said.
The ringgit traded higher against a group of major currencies.
The local currency rose against the Japanese yen to 2.9622/9699 from 2.9688/9725 on Monday, higher against the euro to 4.8121/8242 from 4.8197/8252 and strengthened against the pound to 5.7144/7288 from 5.7203/7269 previously.
Meanwhile, the ringgit traded mostly higher than ASEAN currencies.
The local currency strengthened against the Singapore dollar to 3.3266/3352 from 3.3321/3361 and rose against the Thai baht to 12.7183/7583 from 12.7228/7429 previously.
It rose against the Philippine peso to 7.71/7.73 from 7.72/7.73 yesterday, however, it was almost unchanged against the Indonesian rupiah to 280.0/280.9 from 280.4/280.9. - BERNAMA
