KUALA LUMPUR, Sept 3 — The ringgit was trading higher against the US dollar early today, still riding on positive investors’ sentiment tracking Malaysia’s manufacturing Purchasing Managers’ Index which climbed to 43.4 last month from 40.1 in July 2021.
The local note was continuing last week’s uptrend versus the greenback. In terms of weekly appreciation, the ringgit rose by about 1.07 per cent against the US dollar last Friday.Adding to the sentiment was the weak US employment data released on Friday, automatically signalling the Federal Reserve to maintain the cost of borrowing the US dollars low while nurturing the economic recovery.
After the Fed, central banks in developing nations are also set to hold their policy meetings this week that will provide directions for traders.Analysts highlighted that the central bank was likely to keep the overnight interest rate at 1.75 per cent.It fell against the Singapore dollar to 3.0850/0877 from 3.0876/0903 on Friday, slipped versus the yen to 3.7707/7734 from 3.7705/7735 and eased vis-a-vis the British pound to 5.7369/7411 from 5.7352/7393.
Source: Digital Coin News (digitalcoinnews.net)
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