Ringgit snaps 2-day winning streak to open lower versus US dollar

At 9 am, the local note fell to 4.4030/4070 versus the US dollar from Wednesday’s closing rate of 4.3970/4020. theSun theSundaily business Finances Currency Malaysia

: The ringgit retreated from two consecutive days of gains to open lower against the US dollar on Thursday, amidst softening data points, said an economist.

Bank Muamalat Malaysia Bhd chief economist and social finance Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index rebounded by 0.32 per cent to 101.91 points. “Similarly, the ADP employment change which gauges job creation in the private sector fell to 145,000 in March against the market’s expectation of 200,000,“ he told Bernama.

“Against such a backdrop, the dollar-ringgit could linger around RM4.40 during the day as market participants may have become wary about the strength of the global economy.

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