Ringgit opens lower against US dollar

KUALA LUMPUR: The ringgit opened lower against the US dollar today ahead of the release of US Jobs Report, later today.

At 9am, the local currency traded at 4.2330/2360 against the greenback from 4.2270/2300 recorded at 6pm yesterday.

FXTM Research Analyst Lukman Otunuga said dollar clawed back some of its losses after stronger-than- expected US data supported expectations of a US interest rate hike before year-end.

"Sentiment towards the US economy received another boost on Wednesday after the Non-Manufacturing Purchasing Manager Index came in at 59.8 in September, the highest reading since August 2005.

"With growth in the US service sector hitting a 12-year high last month, the outlook for the US economy continues to look encouraging for the second half of 2017," he said.

The local note, however, was traded higher against other major currencies today.

It strengthened against the Singapore dollar to 3.0997/1035 from Thursday's 3.1026/1060 and inched up against the yen to 3.7507/7543 from 3.7533/7563 yesterday.

The ringgit rebounded against the euro to 4.9564/9604 from 4.9722/9762 on Thursday and improved against the British pound to 5.5461/5513 from 5.5767/5823 yesterday. — Bernama