KUALA LUMPUR, Oct 2 — The ringgit opened higher against the US dollar and most major currencies on today, supported by stronger demand for the local currency despite firmer US economic data that strengthened the greenback.
At 8am, the ringgit rose to 4.0820/0885 against the US dollar from yesterday’s close of 4.0830/4.0875.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) was at 54.5 points in September, compared with 54.6 points in the previous month.
“The New Orders sub-index showed that business activity is expected to remain strong, with the index accelerating to 55.3 points from 53.7 points previously.
