KUALA LUMPUR, Jan 28 — The ringgit opened lower against the US dollar today on firmer buying support for the greenback, backed by better United States economic and employment data, an analyst said.
In line with the positive data, Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that the US Dollar Index also continued to march higher to 97.221 points. Hence, he said the reading indicates that fewer Americans applied for the unemployment benefits last week compared to 286,000 the previous week.
"Such level suggests that the government would have means to maintain its expansionary fiscal policy which can be positive for economic growth,” he said.Meanwhile, the ringgit was traded higher against a basket of other major currencies.
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