Ringgit opens lower against greenback amid resilient US economic data
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The ringgit opened lower against the US dollar on Friday, as the greenback stayed firm, amid resilient US economic data. At 9am, the ringgit had eased to 4.7745/7800 versus the US dollar, compared with Thursday’s close at 4.7710/7800. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said US economic data continued to defy market expectations, which could lead to continuous support for the greenback. He noted that initial jobless claims were lower than expected at 201,000 last week, against consensus estimates of 217,000, while manufacturers’ sentiment improved to 51.5 points in February, the second consecutive month above the 50-point level indicating an expansion. SPI Asset Management managing director Stephen Innes said that on a positive note, the ringgit opened below this week's weakest level. On a negative note, the broader US dollar was stronger overnight after better-than-expected US data. Meanwhile, the ringgit was traded higher against a basket of major currencies.



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