Solid PMI in Asia drives ringgit higher by 70bps vs US$

Axi chief global market strategist Stephen Innes said relatively attractive yields versus the Group of Ten (G10) suggested that investment flow into local bond and equity markets in the region would continue.

KUALA LUMPUR: The ringgit reversed recent losses to open firmer against the US dollar on Wednesday, as it tracked other Asian currencies’ gains, lifted by a solid November manufacturing Purchasing Managers' Index (PMIs) in the region, along with stimulus and COVID-19 vaccine optimism.

At 9am, the local note was 70 basis points firmer at 4.0690/0750 against the greenback from 4.0760/0800 at Tuesday’s close.