Highlights

Ringgit ends higher against US dollar

 Publish date: Fri, 8 Oct 2021, 7:36 PM

KUALA LUMPUR: The ringgit closed higher against the US dollar today as investors remained cautious ahead of the release of the United States non-farm payrolls data later tonight.
 
At 6 pm, the local note rose to 4.1750/1800 versus the greenback from Thursday's closing of 4.1820/1835. 
 
Nevertheless, Bank Islam chief economist Mohd Afzanizam Abdul Rashid said the general view was that the US labour market was on the mend based on the recent ADP private employment data which rose to 568,000 jobs in September, surpassing the consensus forecast of around 430,000.
 
"This implies that the Federal Reserve is on track to remove the monetary stimulus commencing with the tapering of asset purchases in the November meeting, and perhaps be followed by the interest rate hike in 2022," he told Bernama. 
 
As such, he said, it would essentially boost the value of the US dollar in the immediate term, leading to a tight range for the ringgit.
 
At the close, the ringgit was traded mostly higher against a basket of major currencies, except the British pound against which it depreciated to 5.6880/6948 from 5.6833/6854 at Thursday's close.
 
The local note improved versus the Japanese yen to 3.7320/7368 from 3.7517/7534 yesterday, gained against the Singapore dollar to 3.0771/0810 compared with 3.0784/0797, and climbed vis-a-vis the euro to 4.8292/8350 from 4.8344/8361 previously.
 
 - Bernama
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