Ringgit opens weaker against US dollar on disappointing economic data

At 9.15am, the ringgit was quoted at 4.1500/1530 versus the US dollar against 4.1410/1440 yesterday.  — Bernama pic
At 9.15am, the ringgit was quoted at 4.1500/1530 versus the US dollar against 4.1410/1440 yesterday. — Bernama pic

KUALA LUMPUR, Nov 13 — The ringgit opened weaker against the US dollar today after yesterday’s released of a disappointing economic data, casting doubt on the country’s economic growth momentum, dealers said.

At 9.15am, the ringgit was quoted at 4.1500/1530 versus the US dollar against 4.1410/1440 yesterday.

A dealer said the Producer Price Index (PPI) delivered a disappointing performance amid a widening contraction in September vis-à-vis August, dashing hopes that the PPI could be on track for a sustained recovery.

“Deeper contraction in mining, down 14.4 per cent year-on-year and the lowest for the year, is worrying as this may take a toll on exports and growth momentum given that mining represents about seven per cent of the economy,” he said.

September PPI for local production fell 2.4 per cent from the same month last year and down 1.9 per cent from August.

The local note was also traded lower against other major currencies.

The ringgit decreased against the Singapore dollar to 3.0461/0501 from Tuesday’s close of 3.0415/0448 and depreciated against the yen to 3.8098/8132 from 3.7932/7966.

It eased against the British pound to 5.3352/3399 from 5.3158/3213 and declined versus the euro to 4.5700/5737 from 4.5679/5729. — Bernama

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