Ringgit rebounds on softer US$ after PMI data

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KUALA LUMPUR: The ringgit rebounded in early trade Wednesday as the US dollar retreated after S&P Purchasing Managers' Index data disappoint.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index has fallen from 106.077 points to 105.675 points last night as data points on US manufacturing and services sentiments fell during April. "The US manufacturing PMI has dipped below the 50-point demarcation line for the first time since January this year after it remained above 50 points for three consecutive months.

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