Ringgit rises against US dollar in early season

Market sentiment for the local note improves against the dollar today.

KUALA LUMPUR: The ringgit opened higher against the US dollar today on better demand for the local note and following the release of weaker US manufacturing data as well as fewer job creation in the country.

At 9.03am, the local note was at 4.1890/1930 against the greenback from 4.1930/1960 yesterday.

A dealer said market sentiment for the local note improved against the US dollar after data showed that hiring by private employers in the United States had slowed in September.

“Market players are concerned that this, as well as the sharp decline in US factory activity, indicate that US-China trade tensions is hurting the world’s largest economy,” he added.

Meanwhile, the ringgit traded lower against other major currencies.

It declined against the Singapore dollar to 3.0261/0301 from 3.0248/0274 at yesterday’s close and fell against the yen to 3.9109/9158 from 3.8950/8982.

The local note depreciated against the euro to 4.5911/5959 from 4.5775/5825 and was lower against the British pound to 5.1515/1566 from 5.1335/1388.