Ringgit opens higher ahead of key US economic data

KUALA LUMPUR: The ringgit was firmer against the US dollar at today's opening ahead of the release of key US economic data later, said Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid.

At 9.02 am, the ringgit strengthened to 4.7130/7170 versus the greenback from Tuesday's close of 4.7200/7225.

"The market anticipates a series of important data will be out tonight; the US ADP employment change, initial jobless claims and ISM Index for the non-manufacturing sector could easily tilt the balance should the data be better than expected," he told Bernama.

Meanwhile, the ringgit was mostly lower against a basket of major currencies.

The local currency appreciated further against the Japanese yen to 2.9170/9197 from yesterday's close of 2.9195/9213, slipped vis-a-vis the British pound to 5.9794/9845 from 5.9628/9659 yesterday and eased versus the euro to 5.0646/0689 from 5.0556/0583 previously.

Contrary to the ringgit's performance against the major currencies, the local note was stronger against its ASEAN peers.

The local note was a tad higher against the Singapore dollar at 3.4736/4768 versus yesterday's close of 3.4737/4757. It rose against the Thai baht to 12.7937/8096 from 12.8021/8141.

It also strengthened against the Philippine peso to 8.01/8.03 from 8.02/8.03 at Tuesday's close and climbed versus the Indonesian rupiah to 287.4/287.8 from 287.8/288.1.

-- BERNAMA