Ringgit steady as US job dip casts rate hike in doubt

KUALA LUMPUR, Aug 10 — The ringgit remained steady against the US dollar at 4.0885/0930 at the close today, unchanged since last Friday. This steadiness came as the US non-farm payroll revealed a decline in jobs, with 23,000 fewer positions added in July. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid explained that the weak labor market could help ease inflationary pressures, casting doubt on the case for a September rate hike.

The US Consumer Price Index report, scheduled for release on Wednesday, will be crucial for Federal Open Market Committee members to evaluate the economy's condition during their meeting on September 15-16. Throughout the day, the local currency experienced mixed performances against major currencies, with some gains and losses.