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Ringgit higher against US Dollar in early trade

Wednesday, 5 July 2017

KUALA LUMPUR: The ringgit was marginally higher against the US dollar Wednesday morning due to increasing demand for the local currency, a dealer said. At 9 am(0100gmt), the ringgit was traded at 4.2955/2985 against the greenback from 4.2965/2995 on Tuesday.

A dealer said mixed views on Malaysia’s economy had sent investors into cautious mode.

“The Nikkei Malaysia Manufacturing Purchasing Managers’ Index for June fell below expectations, but the trade balance report scheduled for the conclusion of the week will be seen as the most important economic announcement for the local economy,” he said.

The economy grew by some 5.6% in the first three months of this year, surpassing consensus estimates of 4.6%.

Exports and imports chalked up 21% and 27% increases respectively in the first four months of the year.

The local note weakened against other major currencies.

It slipped against the Singapore dollar to 3.1086/1115 from 3.1065/1098 on Tuesday and eased against the British pound to 5.5549/5614 from 5.5539/5582 Tuesday.

The ringgit fell against the yen to 3.7996/8033 from 3.7951/7980 yesterday and declined against the euro to 4.8793/8831 from 4.8760/8798 on Tuesday.

Source by: Internet

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