Ringgit Edges Higher Amid Strong Demand and Firm US Data
The Malaysian ringgit opened higher against the US dollar and most major currencies on Friday, despite firmer US economic data that strengthened the greenback. At 8am, the ringgit rose to 4.0820/0885 against the US dollar from Thursday's close of 4.0830/4.0875.
The strong demand for the local currency was driven by a manufacturing Purchasing Managers' Index (PMI) reading in the US, which came in at 54.5 points in September, down slightly from the previous month's 54.6 points. 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.
The ringgit also appreciated against other major currencies, including the euro and British pound, but depreciated slightly against the Japanese yen. Against Asean currencies, it eased against the Singapore dollar and edged down against the Thai baht.