Ringgit ends higher vs greenback ahead of US inflation data
KUALA LUMPUR: The ringgit finished higher against the greenback on Wednesday ahead of the release later tonight of the US Consumer Price Index (CPI) report for July, which is expected to provide further clues on the direction of interest rates in the United States.
KUALA LUMPUR: The Malaysian ringgit ended stronger against the US dollar on Wednesday, in advance of the US Consumer Price Index (CPI) report for July. The ringgit climbed to 4.0835/0875 per US dollar from Tuesday's close of 4.0905/0940. Analysts are keeping a cautious outlook as the US CPI figures will be released later tonight.
Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, pointed out that the ringgit was well-supported against the US dollar on Wednesday, while other Asian currencies were mixed overall. Economists anticipate a moderate US inflation rate for July, with estimates suggesting a 3.4 per cent CPI inflation rate for July compared to 3.5 per cent for June.
Elevated crude oil prices could still result in a higher US dollar if the inflation figures exceed expectations. Despite the current strength, the ringgit showed gains against a variety of currencies, including the Japanese yen, euro, British pound, Singapore dollar, Philippine peso, Indonesian rupiah, and Thai baht.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
