KUALA LUMPUR: The ringgit closed higher against the US dollar today following weaker-than-expected Institute of Supply Management’s (ISM) August factory index for the United States.
At 6pm, the local note was quoted at 4.2020/2050 against the greenback from 4.2200/2250 on Tuesday.
The ISM US Manufacturing Purchasing Managers’ Index (PMI) for August came in at 49.1, the lowest reading in more than three years.
Axi Trader Asia-Pacific market strategist Stephen Innes said the renminbi recovered from its weakest since 2008 as the US dollar pulled back, up almost 0.2% at 7.15 per dollar.
“This helped the ringgit strengthen to 4.20 level against the US dollar at the close,” he told Bernama.
Malaysia recorded a trade surplus in July 2019 amounting to RM14.27 billion, up 75.6% from the same month of the previous year.
The International Trade and Industry Ministry, in a statement, said exports picked up 1.7% year-on-year (y-o-y) to RM87.96 billion, mainly due to higher exports to Taiwan, the United States, China and Singapore, while imports shrank 5.9% to RM73.69 billion.
“The trade surplus has expanded, defying the regional negative trends, which also buttressed sentiment for the ringgit,“ Innes said.
At the close, the ringgit traded mostly lower against a basket of major currencies.
It fell against the British pound to 5.1214/1267 from yesterday’s close of 5.0585/0658, slipped against the euro to 4.6306/6343 from 4.6167/6238, and eased against the Singapore dollar to 3.0311/0341 from 3.0283/0328.
However, the ringgit ended higher against the yen at 3.9556/9588 from 3.9793/9851 on Tuesday. — Bernama
source https://www.thesundaily.my/business/ringgit-gains-against-us-dollar-at-the-close-HC1334832
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