Ringgit opens lower as US data signals economic recovery


KUALA LUMPUR: The ringgit opened lower against the US dollar today, as economic data from the US signal a solid recovery in the country, a dealer said.

At 9.01am, the local currency declined to 4.1310/1350 against the greenback from Thursday’s close of 4.1235/1250.

ActivTrades trader Dyogenes Rodrigues Diniz said strong economic recovery has been seen since a large number of people have already been vaccinated in the US and demand for all goods and services has grown rapidly.

“Investors will also focus on the US Employment Rate and US Non-Farm Payroll data due today, as those indicators will give a clearer direction of the greenback.

“Should the unemployment rate for the US come lower than forecast, it could mean a temporary rise in the US dollar,” he told Bernama.

Meanwhile, at the opening, the local note was traded higher against a basket of major currencies.

Against the Singapore dollar, the ringgit increased slightly to 3.1102/1135 from yesterday’s close of 3.1154/1167 and rose against the yen to 3.7480/7516 from 3.7603/7620.

The local unit strengthened vis-a-vis the euro to 5.0101/0149 from 5.0323/0342 and gained against the British pound to 5.8268/8324 from 5.8533/8559. – Bernama

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