Ringgit slips against firmer US dollar at opening

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KUALA LUMPUR: The ringgit opened lower against the US dollar on Thursday after the release of economic indicators in the United States (US) boosted the greenback, a dealer said.

At 9.02 am, the local note fell to 4.1550/1580 versus the US dollar from 4.1480/1500 at Wednesday’s close.

ActivTrades trader, Dyogenes Rodrigues Diniz said the US ADP Non-Farm Employment Change data released on Wednesday showed slightly higher-than-expected numbers.

“The ADP is particularly important because it is considered a good indicator of the official Non-Farm Payroll data which is set to be released on Friday,” he said.

Diniz noted that the greenback was also supported by the release of the US Pending Home Sale indicator which had unexpectedly surged from an initial forecast of 0.8 per cent to eight per cent in May.

“These results were supportive of the US dollar, however, the market sentiment remains apprehensive due to the spread of the new COVID-19 Delta variant globally,” he added.

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

It rose against the British pound to 5.7397/7439 from 5.7462/7490 at Wednesday’s close and strengthened vis-a-vis the euro to 4.9237/9272 from 4.9316/9339 previously.

The local unit had marginally improved against the Singapore dollar at 3.0869/0896 from 3.0870/0887 yesterday and appreciated against the Japanese yen to 3.7409/7439 from 3.7528/7550 previously. – Bernama



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