KUALA LUMPUR: The ringgit ended simpler in opposition to the US greenback immediately because the dollar strengthened following higher-than-expected US inflation data.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid stated a sticky US inflation fee appears to have turbocharged the worth of the US greenback because the Federal Reserve is prone to keep its restrictive financial coverage stance for a substantial interval.
“At the identical time, it additionally stays extremely unsure whether or not the US financial system can stand up to the upper rate of interest trajectory for a protracted interval as this may discourage personal funding and shopper spending.
“Notwithstanding that, the talk over whether or not the US fee lower would occur or in any other case is benefitting the US greenback greater than the rest,” he informed eNM.
At 6pm, the ringgit fell to 4.7680/4.7730 in opposition to the US greenback from Tuesday’s shut of 4.7455/4.7500.
At the shut, the ringgit was traded larger in opposition to a basket of main currencies.
It strengthened vis-a-vis the Japanese yen to three.1098/3.1133 from 3.1255/3.1287 at Tuesday’s shut, appreciated in opposition to the euro to five.0808/5.0861 from 5.1565/5.1614 and went up versus the British pound to five.9562/5.9624 from 6.0173/6.0230 beforehand.
The ringgit was traded decrease in opposition to Asean currencies aside from the Singapore greenback.
It was decrease versus the Thai baht at 13.0831/13.1036 from 13.0500/13.0678 on Tuesday, depreciated vis-a-vis the Indonesian rupiah to 300.8/301.3 in comparison with 299.3/299.8, and decreased versus the Philippine peso to eight.43/8.44 from 8.41/8.42 beforehand.
However, the native foreign money rose in opposition to the Singapore greenback to three.5090/3.5129 from 3.5262/3.5298 beforehand.
