The ringgit rebounded to open higher against the US dollar on Thursday after some selling activities in the greenback, said an analyst.
At 9am, the local currency rose to 4.7380/7415 versus the US dollar from Wednesday’s closing of 4.7545/7575.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar retreated given the weaker-than-expected US Institute for Supply Management (ISM) purchasing managers’ index for the non-manufacturing sector, which came in below expectations at 51.4 points against consensus estimates of 52.8 points, Bernama reported.
