The ringgit opened higher against the US dollar prompted by better demand for the local note after the release of weak US services industry data.
At 9.16 am, the ringgit was quoted at 4.0585/0635 against the greenback from 4.0780/0850 at 5pm on Tuesday.
A dealer said the Institute for Supply Management’s non-manufacturing index fell to 51.4, the lowest level since February 2010, causing the US dollar to fall.
“This weak data further reduce the possibility of an interest rates hike soon by the Federal Reserve,” he added.
Meanwhile, investors would also be monitoring the outcome of Bank Negara Malaysia’s policy meeting today, which would determine the direction of country’s interest rates.
Meanwhile, the ringgit traded lower against a basket of major currencies.
The local note fell against the euro to 4.5609/5682 from 4.5531/5621 and weakened against British pound to 5.4433/4524 from 5.4388/4506.
It was also lower vis-a-vis the yen at 3.9966/0034 from 3.9485/9572 and declined against the Singapore dollar to 3.0114/0156 from 3.0058/0125 on Tuesday.– Bernama
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