KUALA LUMPUR: The ringgit opened slightly higher versus the US dollar today following some selling activities in the greenback, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US equities market fell quite significantly as the US Institute for Supply Management Index for the manufacturing sector remained in the contractionary zone for the fifth consecutive month and fell short of the market’s expectation.
"Risky assets such as equities fell while the bond yields dropped, indicating a shift towards safe haven asset class for fear of an economic slowdown,” he told Bernama. "On that note, the US Dollar Index rose 0.09 per cent to 101.741 points as major currencies weakened against the greenback following higher demand for the US dollar,” he explained.