The ringgit strengthened against the US dollar

KUALA LUMPUR: The ringgit strengthened against the United States (US) dollar at the start of trading today as investors continued to maintain a cautious stance ahead of the announcement of new data and views on the global economy.

Bernama reports, at 9 am, the ringgit rose to 4.7100/7140 against the US dollar at Friday’s close of 4.7190/7225.

The transaction was closed yesterday in conjunction with the celebration of Aidiladha.

ActivTrades trader Anderson Alves noted that market participants were focusing on the US Federal Reserve’s series of speeches and the developed country retail sales report scheduled for later today.

“In addition, Australia’s central bank, the Reserve Bank of Australia, is expected to maintain the official cash rate at 4.35 percent for the fifth time in a row.

“China will announce industrial production data, retail sales, fixed asset investment and employment data which may cause mixed reactions,” he said.

In the meantime, the ringgit is mostly traded higher than the major currency groups.

The local unit rose against the Japanese yen to 2.9871/9898 from 3.0046/0072 on Friday, strengthened against the British pound to 5.9864/9915 from 5.9955/9999 but weakened against the euro to 5.0567/0610 from 5.0418/0455 previously.

At the same time, the ringgit also traded higher compared to other ASEAN countries.

The ringgit strengthened against the Indonesian rupiah at 287.0/287.2 from 287.5/287.8 on Friday and strengthened against the Philippine peso to 8.02/8.04 from 8.04/8.05 previously.

It also rose against the Singapore dollar to 3.4842/4875 from 3.4857/4886 previously and rose against the Thai baht to 12.7986/8136 from 12.8328/8475.