At 6 pm, the local note advanced to 4.4710/4740 versus the greenback.
At 6 pm, the local note advanced to 4.4710/4740 versus the greenback compared to Tuesday’s closing rate of 4.4850/4895.
SPI Asset Management managing director Stephen Innes said the local note traded higher after China’s manufacturing purchasing managers’ index climbed to 52.6 in February 2023, the highest level since April 2012, indicating that the world's second biggest economy is rebounding strongly. "Today is a better day thanks to strong China data and this will support the ringgit through Malaysia's export ties to China,” he told Bernama.
Bank Muamalat Malaysia Bhd head of economics and market analysis Mohd Afzanizam Abdul Rashid said the ringgit’s rise was in line with the decline in the US Dollar Index by 0.45 per cent to 104.397 points.However, the ringgit traded mostly lower against a basket of major currencies. The local unit was down vis-a-vis the euro to 4.7580/7612 from 4.7572/7620 yesterday, slipped against the Japanese yen to 3.2916/2941 from 3.2799/2835, but rose against the British pound to 5.3956/3992 from 5.4152/4206, previously.It depreciated versus the Singapore dollar to 3.3333/3361 from 3.3247/3285 on Tuesday, fell against Thailand baht to 12.8484/8637 from 12.6892/7073, and was lower against the Philippine peso to 8.13/8.14 from 8.10/8.12 previously.
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