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Forex

Ringgit Edges Up Against USD Ahead of Key US Economic Data

Guavy AI Editorial Team
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The Malaysian ringgit opened higher against the US dollar on Monday ahead of key United States economic data releases. The local currency edged up to 4.0805/0900 against the greenback from last Friday's close of 4.0835/0875.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Institute for Supply Management (ISM) Manufacturing PMI for July will be released tonight, with a consensus estimate at 54.0, higher than June's reading of 53.3.

The market remains cautious, and Afzanizam expects the local note to trade within a narrow range of RM4.07 to RM4.09 today.

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