Ringgit higher against major currencies, eases against greenback at close
KUALA LUMPUR: The ringgit closed higher on Tuesday against most major currencies but eased against the greenback ahead of the release of key US inflation data.
KUALA LUMPUR: The Malaysian ringgit experienced fluctuations against major currencies on Tuesday, closing higher overall but weakening against the US dollar in the final hour. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the ringgit's movement to the upcoming US Consumer Price Index (CPI) data and signs of a less robust US labor market.
He suggested that demand-driven inflation may not be the primary cause of price pressures, implying that monetary tightening may not be necessary to bring US inflation down to its two percent target. By the close of trading, the ringgit strengthened against the Japanese yen, euro, Singapore dollar, Thai baht, Philippine peso, and Indonesian rupiah, while weakening against the British pound.
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