KUALA LUMPUR: Ringgit Vs US Dollar – The ringgit appreciated against the US dollar in early trade on Tuesday as investors maintained their cautious stance awaiting new economic data and information on the global economic outlook.
The ringgit was up 4.7100/4.7140 at 9 am against the US dollar from 4.7190/4.7225 on Friday.
The market was closed on Monday as Muslims in Malaysia celebrated Hari Raya Aidiladha.
Anderson Alves, the ActivTrades trader, said that market participants would focus on a series of speeches from the US Federal Reserve and the retail sales report due later on Tuesday.
“Additionally, the Reserve Bank of Australia is expected to keep the Official Cash Rate on hold at 4.35% for the fifth consecutive time.
“Meanwhile, China will also report its industrial production, retail sales, fixed asset investment, and employment data which may elicit mixed reactions,” he added.
The ringgit traded higher against a basket of major currencies in early trade.
The local currency rose to 2.9871/2.9898 against the Japanese yen from 3.0046/3.0072 on Friday and 5.9864/5.9915 from 5.9955/5.9999 against the pound sterling, but it was weak against the euro from 5.0418/5.0455 to 5.0567/5.0610.
Likewise, the ringgit appreciated against its ASEAN counterparts.
The local currency improved against the Indonesian rupiah to 287.0/287.2 from 287.5/287.8 on Friday and rose against the Philippine peso to 8.02/8.04 from 8.04/8.05.
It gained against the Singapore dollar to 3.4842/3.4875 from 3.4857/3.4886 last Friday and it was up against the Thai baht to 12.7986/12. 8136 from 12.8328/12, 8475 previously.
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