RINGGIT ENDS FLAT AGAINST GREENBACK

By Abdul Hamid A Rahman

KUALA LUMPUR, June 28 (Bernama) -- The ringgit ended flat against the US dollar as investors and market participants remained cautious, awaiting the release of the United States Personal Consumption Expenditures (PCE) Price Index tonight.

At 6 pm, the ringgit traded at 4.7160/7190 against the greenback, unchanged from Thursday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit traded within a narrow range throughout the day as markets awaited the PCE Price Index release.

“The PCE Price Index measures the average change in prices of goods and services purchased by US households. It is a key indicator of inflation, closely monitored by the Federal Reserve to guide the monetary policy.

“Consensus among financial analysts, economists and market participants predicts the PCE Price Index will decrease from 2.7 per cent to 2.6 per cent,” he told Bernama.

Meanwhile, the ringgit closed mostly marginally higher against a basket of major currencies.

The ringgit appreciated against the Japanese yen to 2.9345/9365 from 2.9383/9404 and gained against the British pound to 5.9639/9676 from 5.9643/9681 but declined against the euro to 5.0494/0526 from 5.0452/0484 at yesterday’s close.

The ringgit was lower compared to its ASEAN peers.

The ringgit slid against the Singapore dollar to 3.4792/4816 from 3.4761/4788, weakened against the Thai baht to 12.8508/8646 from 12.7874/8015, dropped against the Indonesian rupiah to 287.9/288.3 from 287.4/287.7 and eased against the Philippine peso to 8.05/8.05 from 8.03/8.04, previously.

-- BERNAMA