The ringgit opened slightly higher against the US dollar today after the release of the ISM manufacturing purchasing managers’ index (PMI) in the United States which came in lower than expected at 46.0 points in June, said an economist.
At 9am, the local unit rose marginally to 4.6635/6670 versus the greenback compared to 4.6640/6690 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the ringgit is well supported as the data indicates that the US Federal Reserve may not be so hawkish although it may be inclined to maintain higher for longer narratives to clamp down inflation.
