Malaysian Ringgit Stronger On Weak US Economic Data

KUALA LUMPUR, Oct 5 (Bernama) -- The Malaysian ringgit closed stronger against the greenback on Monday as traders shifted their focus to emerging currencies following the release of sluggish US economic data. At 5 pm, the ringgit was quoted at 4.3780/3835 against the US dollar from 4.4100/4180 registered on Friday. A dealer said the weak US jobs data sparked renewed concerns over the strength of the world's largest economy and curbed appetite for the greenback. "Sentiment for the safe haven currency was affected as hopes of an interest rate hike this year faded after the release of the data," the dealer added. Meanwhile, the ringgit was traded mostly higher against a basket of other major currencies. It rose against the Singapore dollar to 3.0678/0731 from 3.0747/0811 on Friday, strengthened versus the yen to 3.6423/6474 from 3.6704/6783, and appreciated against the pound sterling to 6.6502/6590 from 6.6834/6977. The local note, however, fell vis-a-vis the euro to 4.9288/9358 from 4.9224/9323 previously. --BERNAMA