The ringgit opened easier against the US dollar on Monday, due to continued positive sentiment towards the greenback, which was bolstered by US non-farm payroll data that exceeded expectations.
At 9.01am, the local currency had weakened to 4.7500/7555, versus the US dollar from last Friday’s closing at 4.7460/7490
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said US non-farm payrolls came in at 303,000 in March, versus 200,000 based on market expectations.
“This certainly bolstered the case for the US Federal Reserve to delay any rate cut decision, improving the US dollar view in the near term,” he told Bernama.
Mohd Afzanizam said the ringgit is likely to remain soft on Monday at 4.74-4.75 against the greenback, as the holiday-shortened week could also contribute to lacklustre market activities.
At the opening, the ringgit was traded higher against a basket of major currencies.
It gained against the euro to 5.1433/1493 from 5.1437/1470 at last Friday’s close, inched up vis-a-vis the British pound to 5.9931/6.0000 from 5.9956/9994, and traded slightly better versus the Japanese yen at 3.1310/1348 from 3.1341/1363 previously.
The ringgit was traded mixed against Asean currencies.
The local note strengthened versus the Thai baht to 12.9400/9602 from 12.9495/12.9641 last Friday, but slid vis-a-vis the Indonesian rupiah to 299.6/300.2 from 299.4/299.8 previously.
It went up against the Singapore dollar to 3.5190/5234 from 3.5208/5233 registered last Friday, but was flat versus the Philippine peso at 8.39/8.41 since last Friday.
