KUALA LUMPUR: The ringgit closed lower towards the US greenback on sturdy dollar demand ahead of the US Consumer Price Index (CPI) knowledge on Wednesday, mentioned an analyst.
SPI Asset Management managing director Stephen Innes mentioned the US CPI knowledge may affect the US Treasury yields vastly.
He added increased yields would result in a firmer demand for the US greenback.
“Currently, the US Treasury yields are comparatively excessive and are hurting native Asian currencies.
“Local markets are hoping for a softer inflation print on the US CPI knowledge tomorrow, which may assist the ringgit, the native bond and inventory markets,” he informed eNM.
At 6pm, the native forex eased to 4.6755/4.6805 towards the dollar from Monday’s shut of 4.6725/4.6760.
Meanwhile, the ringgit was traded increased towards a basket of main currencies.
It ticked up towards the British pound to five.8299/5.8361 from 5.8551/5.8595 at yesterday’s shut, rose versus the Japanese yen to three.1849/3.1886 from 3.1855/3.1881, and appreciated towards the euro to five.0131/5.0184 from 5.0145/5.0183 beforehand.
Against different Asean currencies, the native notice traded blended.
It fell marginally vis-a-vis the Singapore greenback to three.4338/3.4378 from 3.4334/3.4362 at yesterday’s shut, was marginally lower versus the Philippine peso at 8.25/8.26 from 8.24/8.25 however improved towards the Thai baht to 13.1157/13.1349 from 13.1583/13.1755.
It traded nearly unchanged towards the Indonesian rupiah at 304.7/305.2 from 304.7/305.1 beforehand.
