KUALA LUMPUR, March 31 — The ringgit marginally reversed its losses against the US dollar at closing time today on improved buying interest amid strong China factory data.
At 6pm, the local note was traded at 4.1450/1480 against the greenback from Wednesday’s close of 4.1490/1530.
“A survey released today which showed China’s factory activity rebounded in March from a three-month slowdown as export orders rose, offers a lifeline to commodity-driven exporters like Malaysia,” Axi chief global market strategist Stephen Innes told Bernama.
Besides, he said US president Joe Biden’s plan to re-engineer America’s infrastructure should eventually be a boon for commodity prices and help assuage some of the negatives from the higher US Treasury yields.
At the close, the ringgit was traded mixed against a basket of major currencies.
It dropped versus the Singapore dollar to 3.0811/0845 from 3.0799/0841 at Tuesday’s close but appreciated against the Japanese yen to 3.7488/7518 from 3.7633/7672 previously.
The local currency rose vis-a-vis the euro to 4.8617/8656 from 4.8697/8760, but eased against the British pound to 5.7118/7172 from 5.7094/7158 yesterday.
— Bernama
