Ringgit higher against dollar in early trade

The US-China trade war tensions has affected the Ringgit.

KUALA LUMPUR: The ringgit was higher against the US dollar in the early trading today on better demand for the local note, following the release of weak manufacturing data from the United States.

At 9.04am, the ringgit was at 4.2120/2180 against the greenback from 4.2200/2250 at the close yesterday.

A dealer said the United States’ manufacturing activity for August declined for the first time in three years, recording a reading of 49.1 compared with 51.2 in July.

“With this weak data, market players believe that there will be more rounds of Federal Reserve rate cuts this year, thus making the ringgit more appealing for investors,” he added.

Meanwhile, the ringgit was traded mostly lower against other major currencies, except against the yen, where it rose to 3.9770/9838 from 3.9793/9851.

The local currency was lower against the Singapore dollar at 3.0293/0348 from 3.0283/0328, was higher against the euro to 4.6227/6297 from 4.6167/6238 and gained against the British pound to 5.0910/1000 from 5.0585/0658.