Renewed concerns over economic development shifted investors’ interest towards emerging currencies, including the ringgit, an analyst said.
KUALA LUMPUR — The ringgit rebounded from yesterday’s losses to close slightly higher against the greenback today as renewed concerns over economic development shifted investors’ interest towards emerging currencies, including the ringgit, an analyst said.
At 6 pm, the local note rose to 4.5515/5565 against the US dollar compared with 4.5535/5570 at Thursday’s close.
A dealer said the US dollar retreated from a one-month peak as investors assessed US economic data that largely showed a resilient labour market and awaited a crucial non-farm payrolls report due later in the day.
He said the US services sector slowed in July, but businesses faced higher prices for inputs as demand continued to hold up, suggesting a long and slow road to inflation.
Meanwhile, he said new orders for US-made goods rose in June, boosted by strong demand for transportation equipment and other goods despite higher interest rates.
Ringgit Traded Higher Against Asean Currencies
The ringgit traded lower against a basket of major currencies.
It dropped against the Japanese yen to 3.1898/1935 from 3.1849/1876 yesterday, weakened versus the euro to 4.9816/9871 from 4.9774/9813 and declined vis-a-vis the British pound to 5.7836/7899 from 5.7679/7724 previously.
At the same time, the local unit traded mostly higher against other Asean currencies.
The ringgit went up versus the Singapore dollar to 3.3891/3933 from 3.3923/3952 at the close on Thursday and rose vis-a-vis the Philippine peso to 8.16/8.17 from 8.20/8.21 previously.
It depreciated against the Indonesian rupiah to 299.9/300.5 from 299.7/300.2 on Thursday but was higher against the Thai baht at 13.0835/1043 from 13.1403/1565 previously. — Bernama
