Ringgit Opens Higher Against Greenback Ahead Of US Inflation Data

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Oct 24 (Bernama) -- The ringgit continued to strengthen against the US dollar on Friday, ahead of a US inflation report later tonight, an analyst said.

At 8.02 am, the ringgit appreciated to 4.2190/2285 against the greenback from 4.2250/2285 at Thursday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US consumer price index (CPI) report will be in focus today, which is being released despite the US government shutdown. 

He said consensus estimates pegged the US headline CPI to rise by 3.1 per cent in September after increasing 2.9 per cent in August. 

"It seems that the US tariff on imports has started to have an impact on the general prices, with the collection of US Customs duties having jumped 200 per cent in the first nine months of this year to US$174 billion.  Thus far, the US Dollar Index (DXY) has been hovering around 98 to 99 points. Therefore, expect the ringgit to trade in a narrow range versus the dollar, lingering at around RM4.22 to RM4.23 today," he told Bernama.

At the opening, the ringgit traded mostly higher against major currencies.

It advanced against the British pound to 5.6227/6353 from 5.6395/6442 and inched up against the Japanese yen to 2.7655/7719 from 2.7687/7712 at Thursday’s close, but weakened vis-à-vis the euro to 4.9021/9131 from 4.8976/9017.

The local note also traded higher against ASEAN currencies.

It appreciated against the Singapore dollar to 3.2491/2570 from 3.2513/2542 at Thursday's close, and strengthened vis-à-vis the Philippine peso to 7.20/7.22 from 7.21/7.22.

The local note also edged up versus the Thai baht to 12.8608/8977 from 12.8772/8937 at yesterday's close and improved against the Indonesian rupiah to 253.6/254.4 from 254.0/254.4.

-- BERNAMA