Ringgit Rises Against US Dollar, Approaches Immediate Support Level Of RM4.3259

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Sept 11 (Bernama) -- The ringgit ended higher against the US dollar for the second consecutive day to approach its immediate support level of RM4.3259, an economist said.

At 6 pm, the local note bounced to 4.3270/3325 versus the greenback from yesterday’s close of 4.3400/3445.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US consumer price index (CPI) data tonight will be the key focus.

“However, it is a well-established case that the disinflationary trend has become prevalent and the Federal Reserve is set to shift its focus on maintaining maximum employment.

“This essentially means cutting down the benchmark rates in a timely manner is crucial for a soft landing growth scenario. On that note, the ringgit should stay positive,” he told Bernama. 

He said the next support level is located at around RM4.2128 should it breach the prevailing support level of RM4.3259.

At the close, the ringgit was traded mostly higher against a basket of major currencies.

It rose versus the euro to 4.7774/7835 from 4.7909/7959 at Tuesday’s close, perked up against the British pound to 5.6623/6695 from 5.6850/6909 previously, but fell vis-a-vis the Japanese yen to 3.0558/0599 from 3.0309/0343.

The ringgit also traded mixed against ASEAN currencies.

It inched up versus the Thai baht to 12.8523/8752 from 12.8581/8764 yesterday and gained vis-a-vis the Singapore dollar to 3.3223/3268 from 3.3257/3294. 

However, the local note weakened against the Indonesian rupiah to 280.8/281.4 from 280.7/281.2 and decreased against the Philippine peso to 7.73/7.75 from 7.69/7.71. 

-- BERNAMA