THE ringgit rebounded to open higher against the US dollar today after US durable goods data for last month came in below expectations, a dealer said. 

At 9am, the local note rose to 4.4655/4710 against the greenback from yesterday’s closing of 4.4755/4805.

SPI Asset Management managing director Stephen Innes said the dollar’s decline was exacerbated by a higher-than-expected drop in US durable goods orders of 4.5% last month. 

“The report dented some of the hawkishness built into US interest rate markets.

“Locally, investors are still expecting a favourable rebound in China activity data released tomorrow,” he told Bernama. 

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

The local unit strengthened against the Japanese yen to 3.2786/2829 from 3.2816/2855 at yesterday’s close and appreciated versus the Singapore dollar to 3.3144/3190 from 3.3162/3204 previously.

It slipped vis-a-vis the euro to 4.7374/7433 from 4.7212/7265 yesterday and fell against the British pound to 5.3858/3925 from 5.3576/3636. – Bernama, February 28, 2023.