KUALA LUMPUR: The ringgit opened higher against the US dollar in early trade today on better demand for the local note due to higher global oil price and weak US manufacturing data.The US’ Institute for Supply Management announced yesterday that its national factory activity index declined by 0.2 point to 48.1 in November, marking the fourth consecutive month of shrinking manufacturing activity.
Meanwhile, the possibility of a production cut by the Organisation of the Petroleum Exporting Countries and its allies to be discussed at a meeting this week has lifted global oil price, which in turn raised positive market sentiment towards Malaysia.
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