Ringgit extends rally against greenback on downbeat US data
KUALA LUMPUR, Aug 10 ― The ringgit extended yesterday’s rally against the US dollar on continued buying interest and amid downbeat US data, a dealer said.
At 9.13am, the ringgit was quoted at 4.0070/0120 to the US dollar against yesterday’s 4.0280/0320.
“The ringgit’s early gain is much due to the greenback’s correction following downbeat US data last night.
“Productivity data (which measures hourly output per worker) reportedly declined at a 0.5 per cent annual rate in the April-June period, extending the longest decline since 1979,” the dealer said.
The ringgit, however, was mixed against other major currencies in early trade.
It was stronger against the Singapore dollar at 2.9865/9914 from 2.9877/9911 yesterday, and rose against the euro to 4.4646/4718 from 4.4658/4719.
The ringgit depreciated against the British pound to 5.2327/2421 from 5.2267/2339 and softened against the yen to 3.9505/9574 from 3.9355/9406. ― Bernama