KUALA LUMPUR: The ringgit opened weaker against the US dollar today after yesterday’s release of a disappointing economic data, casting doubt on the country’s economic growth momentum, dealers said.
At 9.15am, the ringgit was quoted at 4.1500/1530 versus the US dollar against 4.1410/1440 on Tuesday.
A dealer said the Producer Price Index (PPI) delivered a disappointing performance amid a widening contraction in September vis-à-vis August, dashing hopes that the PPI could be on track for a sustained recovery.
“Deeper contraction in mining, down 14.4% year-on-year and the lowest for the year, is worrying as this may take a toll on exports and growth momentum given that mining represents about 7% of the economy,” he said.
September PPI for local production fell 2.4% from the same month last year and down 1.9% from August.
The local note was also traded lower against other major currencies.
The ringgit decreased against the Singapore dollar to 3.0461/0501 from Tuesday’s close of 3.0415/0448 and depreciated against the yen to 3.8098/8132 from 3.7932/7966.
It eased against the British pound to 5.3352/3399 from 5.3158/3213 and declined versus the euro to 4.5700/5737 from 4.5679/5729. — Bernama
