Ringgit rises against US dollar in early trade

At 9.06am, the local note was at 4.1850 against the greenback from 4.1930 at yesterday’s close.

KUALA LUMPUR: Ringgit opened higher against the US dollar this morning as the release of weaker-than-expected US manufacturing sector data lifted market sentiment towards the ringgit.

At 9.06am, the local note was at 4.1850/1900 against the greenback from 4.1930/1960 at yesterday’s close.

A dealer said the US manufacturing sector contracted in September to its weakest level in more than a decade as business conditions worsened amid trade tensions between China and United States.

“This helped by shifting investors’ interest towards the ringgit,” he added.

Meanwhile, the local note traded mixed against other major currencies.

It rose against the Singapore dollar to 3.0217/0264 from 3.0242/0272 yesterday and increased against the British pound to 5.1455/1524 from 5.1507/1560.

The local note fell against the yen to 3.8858/8912 from 3.8695/8733 and declined against the euro to  4.5767/5839 from 4.5670/5715 previously.