Ringgit slightly higher than US Dollar on mild buying interest

KUALA LUMPUR, March 2 — The ringgit was slightly higher at opening today, buoyed by mild interest despite the stable US dollar and lower crude oil price which is trading at US$63.69 per barrel, down by 1.13 per cent.

At 9am, the ringgit stood at 4.0510/0550 versus the greenback from yesterday’s close of 4.0550/0580.

A dealer said in the near term the local note is expected to trade lower on an unexpected deeper slide of Malaysia’s February Manufacturing PMI.

“The anticipated lower Feb PMI, steady greenback and lower crude oil prices will likely drag down the ringgit and local equity market sentiment,” Axi chief global market strategist Stephen Innes told Bernama.

Innes added that indeed, the dreary PMI print underscores Malaysia’s challenges as it seeks a sustainable recovery from the shattering Covid-19 pandemic blow.

“However, I think the sombre PMI mood will be transitory as the economy reopens and in the meantime the pre-Opec meeting could keep bullish bets on a very tight leash,” he added.

Meanwhile, the ringgit was traded mostly higher against other major currencies except with the Singapore dollar, which fell to 3.0486/0523 from 3.0441/0470.

It rose against the Japanese yen to 3.7899/7947 from 3.7993/7025, strengthened versus the British pound to 5.6410/6482 from 5.6547/6601 and appreciated vis-a-vis the euro to 4.8766/8830 from 4.8810/8858. — Bernama

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: