KUALA LUMPUR: The ringgit continued to trade on the back foot today, opening lower against the US dollar following better-than-expected United States’...
: The ringgit continued to trade on the back foot today, opening lower against the US dollar following better-than-expected United States’ ISM Manufacturing Index data.
At 9.01 am, the local note slipped to 4.7220/7270 against the greenback from yesterday’s close of 4.7150/7195. Echoing the sentiment, Bank Muamalat Malaysia Bhd chief economist and social finance head Dr Mohd Afzanizam Abdul Rashid said the improvement in the US ISM PMI could bolster the case for further interest rate hikes in November by the Fed, encouraging them to keep the rates higher for longer.
Meanwhile, the ringgit was traded higher versus a basket of major currencies except for the Japanese yen, where it fell to 3.1507/1543 from 3.1492/1524 on Monday’s close.
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