Ringgit Edges Up as Weak US Data Weighs on Dollar

The Malaysian ringgit strengthened against the US dollar on August 5, as weak economic data from the US weighed on the greenback. At 8 am, the local currency edged up to 4.0940/0995 against the greenback from yesterday's close of 4.0945/0985.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Job Openings and Labour Turnover Survey (JOLTS) showed job openings fell for a second consecutive month to 7.36 million in June from 7.54 million in May.

This weakness in the dollar, combined with sustained capital inflows into Asia's technology sector and resilient global risk sentiment, is expected to support the ringgit today, according to Stephen Innes of SPI Asset Management.