Ringgit up following weak US PMI data

Disappointing PMI data raises hopes of a more relaxed monetary policy stance, says analyst.

KUALA LUMPUR: The Malaysian ringgit strengthened against the greenback today, propelled by disappointing manufacturing data from the US, which raised hopes of a more accommodative monetary policy stance in major economies.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit remained in a tight range as markets appeared indecisive in the near-term. “As such, the markets are wondering about global central banks’ resolve to suppress inflation via monetary tightening at the expense of growth. At 6pm, the local currency rose to 4.6435/4.6485 against the greenback from 4.6575/4.6610 at yesterday’s close.It rose against the British pound to 5.8829/5.8892 from 5.8880/5.8924 on Wednesday and inched up vis-a-vis the Japanese yen to 3.1932/3.1968 from 3.2026/3.2052.

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