By Niam Seet Wei and Kisho Kumari Sucedaram
KUALA LUMPUR, April 2 (NNN-Bernama) — The ringgit rebounded against the US dollar to 4.13 at the opening Friday, fuelled by firmer crude oil prices amid the ease of the safe-haven greenback and US bond yields.<\/p>\n\n\n\n
The improved local manufacturing data, of which the headline IHS Markit Malaysia Manufacturing Purchasing Managers\u2019 Index (PMI) rose to 49.9 in March from 47.7 in February this year, also lent support to the local currency.<\/p>\n\n\n\n
At 9am, the local unit climbed to 4.1385\/1435 against the greenback from 4.1440\/1470 at Thursday\u2019s close.<\/p>\n\n\n\n
Axi chief global market strategist Stephen Innes said with risk sentiment on full tap, the US dollar gave way to gushy global risk sentiment.<\/p>\n\n\n\n
\u201cThe softer US yields and the recovery bounced on oil prices overnight should help soften the local note\u2019s hard landing this week,\u201d he told Bernama.<\/p>\n\n\n\n
Meanwhile, Ambank Research, in a note, said March\u2019s manufacturing PMI signalled a marked improvement in operating conditions across the manufacturing sector, which further boosted the ringgit movement.<\/p>\n\n\n\n
According to IHS Markit, March\u2019s PMI reading of 49.9 was the highest since July 2020.<\/p>\n\n\n\n
\u201cOn the ringgit outlook for today, we expect it to trade between our support levels of between 4.1208 and 4.1311, while our resistance is pinned at between 4.1591 and 4.1701,\u201d it said.<\/p>\n\n\n\n
As at the time of writing, the benchmark Brent crude oil advanced 3.38 per cent to US$64.86 per barrel.<\/p>\n\n\n\n
At the opening bell, the ringgit, however, was traded lower against other major currencies.<\/p>\n\n\n\n
The local note depreciated against the British pound to 5.7277\/7350 from 5.7063\/7112 at Thursday\u2019s close, shrank against the euro to 4.8706\/8781 from 4.8646\/8690 and fell vis-a-vis the yen to 3.7405\/7454 from 3.7387\/7418.<\/p>\n\n\n\n
It also eased against the Singapore dollar to 3.0776\/0816 from 3.0774\/0803.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Niam Seet Wei and Kisho Kumari Sucedaram KUALA LUMPUR, April 2 (NNN-Bernama) — The ringgit rebounded against the US dollar to 4.13 at the opening Friday, fuelled by firmer crude oil prices amid the ease of the safe-haven greenback and US bond yields. The improved local manufacturing data, of which the headline IHS Markit […]<\/p>\n","protected":false},"author":17,"featured_media":26732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/116847"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=116847"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/116847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/26732"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=116847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=116847"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=116847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}