Ringgit firmer against US dollar ahead of CPI data
Investors are awaiting the release of US consumer price index data on Friday, says analyst.
KUALA LUMPUR: The Malaysian ringgit edged higher against the US dollar on Friday, despite soaring crude oil prices and speculation of an imminent interest rate increase, while traders awaited the US Consumer Price Index (CPI) figures due on Friday. Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid noted that Brent crude oil hovered around US$101 (RM410.63) per barrel, which could support the case for an interest rate hike during the upcoming Federal Open Market Committee meeting.
"Nevertheless, the ringgit managed to outperform the US dollar. Whether this trend can be maintained in the short term remains uncertain," he commented to Bernama. Afzanizam emphasized that the US inflation data, scheduled for release on Friday, would be scrutinized for hints on the Federal Reserve's policy stance, which could sway the ringgit's short-term trajectory.
At 6pm, the ringgit steadied at 4.0630/4.0670 against the US dollar, up from its previous close of 4.0670/4.0720. By the end of trading, the currency exhibited strength against a range of currencies, including the euro, Japanese yen, British pound, Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Ringgit firmer against US dollar ahead of CPI data freemalaysiatoday.com
