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Ringgit rebounds on renewed concerns over US economy

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Investors shifting focus towards emerging currencies, says analyst.

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Free Malaysia Today

KUALA LUMPUR:
The ringgit rebounded from yesterday’s losses to close slightly higher against the greenback today.

An analyst said that renewed concerns over the US economy shifted investors’ interest towards emerging currencies, including the ringgit.

The US dollar retreated from a one-month peak following recent US economic data that largely indicated a resilient labour market in the country.

He said the US services sector slowed in July, but businesses faced higher input prices as demand continued to hold up, suggesting a prolonged period of inflation.

Meanwhile, he said new orders for US-made goods rose in June, boosted by strong demand for transportation equipment and other goods despite higher interest rates.

The analyst added that investors are continuing to monitor US data, particularly the crucial non-farm payroll data due later today.

At 6pm, the local currency rose to 4.5515/4.5565 against the US dollar compared with 4.5535/4.5570 at yesterday’s close.

The ringgit traded lower against a basket of major currencies.

It dropped against the Japanese yen to 3.1898/3.1935 from 3.1849/3.1876 yesterday, weakened versus the euro to 4.9816/4.9871 from 4.9774/4.9813 and declined vis-a-vis the British pound to 5.7836/5.7899 from 5.7679/5.7724 previously.

At the same time, the local unit traded mostly higher against other Asean currencies.

The ringgit went up versus the Singapore dollar to 3.3891/3.3933 from 3.3923/3.3952 at the close on Thursday and rose vis-a-vis the Philippine peso to 8.16/8.17 from 8.20/8.21 previously.

It depreciated against the Indonesian rupiah to 299.9/300.5 from 299.7/300.2 on Thursday but was higher against the Thai baht at 13.0835/13.1043 from 13.1403/13.1565 previously.

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