Ringgit soars against the US dollar early today

Ringgit soars against the US dollar early today

KUALA LUMPUR: The ringgit opened higher against the US dollar today due to better demand for the local currency and following the release of weaker US manufacturing data, as well as fewer jobs created in the country.

At 9.03 am, the local note was at 4.1890/1930 against the greenback from 4.1930/1960 at close yesterday.

A dealer said market sentiment for ringgit improved against the US dollar after data showed that hiring by private employers in the US had slowed in Sept.

“Market players are concerned that this, as well as the sharp decline in US factory activity, indicate that US-China trade tensions is hurting the world’s largest economy,” he added.

Meanwhile, the ringgit traded lower against other major currencies.

It declined against the Singapore dollar to 3.0261/0301 from 3.0248/0274 at close yesterday and fell against the yen to 3.9109/9158 from 3.8950/8982.

The ringgit also depreciated against the euro to 4.5911/5959 from 4.5775/5825 and was lower against the British pound to 5.1515/1566  from 5.1335/1388.

Bernama

GLOBAL AGRITECH SUMMIT

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