KUALA LUMPUR: The ringgit continued its downtrend on Tuesday due to soft demand for the local unit.
At 9 am, the local currency was quoted at 4.2790/2820 against Monday’s close of 4.2705/2735.
FXTM Vice-President for Corporate Development and Market Research Jameel Ahmad said the market was keenly awaiting the release of May’s Manufacturing Purchasing Managers’ Index (PMI) expected on Thursday.
“Thus, it is going to be a relatively quiet week on the economic data front for Malaysia, however due to the upside surprise from the recent Malaysian Gross Domestic Product data, there would be optimism that the Manufacturing PMI will show that the Malaysian economy is carrying the same momentum into the second quarter of 2017,” he said in a statement.
Investors are expected to remain on the sidelines to see how the market reacts to the report on Thursday.
Against other major currencies, the ringgit was traded mostly higher except for the ringgit versus yen.
It rose against the Singapore dollar to 3.0849/0886 from 3.0858/0891 on Monday, increased against the British pound to 5.4780/4844 from 5.4825/4872, rose against the euro to 4.7638/7684 from 4.7770/7816 but declined against the yen to 3.8546/8590 from 3.8345/8386, previously.