KUALA LUMPUR, Feb 28 — The ringgit rebounded to open higher against the US dollar on Tuesday after US durable goods data for January came in below expectations, a dealer said.
At 9am, the local note rose to 4.4655/4710 against the greenback from Monday’s closing of 4.4755/4805.
SPI Asset Management managing director Stephen Innes said the dollar’s decline was exacerbated by a higher-than-expected drop in US durable goods orders of 4.5 per cent last month.
“The report dented some of the hawkishness built into US interest rate markets.
“Locally, investors are still expecting a favourable rebound in China activity data released tomorrow,” he told Bernama.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local unit strengthened against the Japanese yen to 3.2786/2829 from 3.2816/2855 at Monday’s close and appreciated versus the Singapore dollar to 3.3144/3190 from 3.3162/3204 previously.
It slipped vis-a-vis the euro to 4.7374/7433 from 4.7212/7265 yesterday and fell against the British pound to 5.3858/3925 from 5.3576/3636.
— Bernama
