Ringgit holds steady against US dollar at opening
KUALA LUMPUR: The ringgit held steady against the US dollar at Thursday’s opening as investors awaited the release of US consumer price index (CPI) data on Friday.
At the opening of the market on Thursday, the Malaysian ringgit remained stable against the US dollar, with the currency holding steady at 4.0670/0720, according to the wire report. This remained unchanged from the closing value on Wednesday. Dr Mohd Afzanizam Abdul Rashid, the chief economist at Bank Muamalat Malaysia Bhd, stated that the forthcoming release of the US Consumer Price Index (CPI) data on Friday would have a significant impact on the market sentiment.
He emphasized that there is currently less incentive for the ringgit to strengthen, particularly as traders closely monitor the US CPI announcement. Despite the risk-off environment characterized by higher crude oil prices, traders are seeking refuge, which is expected to keep the US dollar-ringgit pair within a range of RM4.05 to RM4.07 for the day.
The economist attributed the fluctuations of the ringgit against other major currencies to the prevailing market conditions and the tensions between the United States and Iran.
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- Ringgit opens steady against US dollar as investors await US CPI data malaymail.com
- Ringgit holds steady against US dollar at opening freemalaysiatoday.com
