The Ringgit opened stronger against the US dollar on Monday, buoyed by expectations of US interest rate cuts following weaker nonfarm payroll (NFP) data. At 8am, it stood at 4.2030/2285 versus the dollar, up from Thursday’s 4.2260/2320 close, with markets closed Friday for Maulidur Rasul.
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Malaysian Ringgit Rises to 4.20 Against Dollar After Softer NFP Report
Bank Muamalat chief economist Dr Mohd Afzanizam Abdul Rashid said the softer August NFP report could pave the way for a cut at next week’s Federal Open Market Committee (FOMC) meeting. However, political developments in Japan may support the dollar. The Ringgit also traded higher against the yen, pound, rupiah, and Singapore dollar in early trade.
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