The ringgit opened higher against the US dollar and most major currencies on Friday, supported by stronger demand for the local note despite data showing continued strength in the US economy, Bernama reported.
At 8am, the ringgit rose to 4.0820/0885 against the US dollar from Thursday’s close of 4.0830/4.0875.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) stood at 54.5 points in September, slightly below 54.6 points in August.
“The New Orders sub-index showed that business activity is expected to remain strong, with the index accelerating to 55.3 points from 53.7 points previously.
“Apart from that, initial jobless claims fell further to 197,000 last week, while the four-week moving average continued to decline to 200,000,” he told Bernama.
Against major currencies, the ringgit strengthened against the euro to 4.5914/5987 from 4.6015/6066 previously and gained against the British pound to 5.3870/3956 from 5.3896/3955.
However, it weakened against the Japanese yen to 2.5844/5886 from 2.5781/5811.
Against ASEAN currencies, the ringgit eased against the Singapore dollar to 3.1883/1936 from 3.1856/1894 and slipped against the Thai baht to 12.1207/1515 from 12.1111/1294.
The local note was unchanged against the Philippine peso at 6.50/6.51 and the Indonesian rupiah at 227.2/227.6.
