Ringgit Ends Marginally Higher Ahead Of US CPI Data Report

By Abdul Hamid A Rahman

KUALA LUMPUR, Oct 24 (Bernama) -- The ringgit ended marginally higher against the greenback today as investors turned cautious ahead of the release of the United States (US) Consumer Price Index (CPI) data.

At 6 pm, the ringgit appreciated to 4.2210/2255 against the US dollar from 4.2250/2285 at Thursday’s close.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the ringgit traded on a firmer footing as market participants awaited the latest inflation reading (CPI), scheduled for release today, which could provide further clues on the US Federal Reserve’s interest rate outlook.

“Meanwhile, the US Dollar Index (DXY) edged up to 99.06 points as consensus expectations pointed towards a higher CPI print, reflecting lingering concerns over persistent inflationary pressures in the world’s largest economy,” he told Bernama.

Mohd Afzanizam also noted uncertainty caused by the ongoing US government shutdown, which has limited access to key data ahead of the US Federal Open Market Committee (FOMC) meeting on Oct 28-29.

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

It strengthened against the Japanese yen to 2.7592/7623 from 2.7687/7712, and advanced against the British pound to 5.6232/6292 from 5.6395/6442, at yesterday’s close.

Meanwhile, it shed against the euro to 4.9010/9062 from 4.8976/9017.

The local note was traded mostly higher against ASEAN currencies.

It appreciated against the Singapore dollar to 3.2484/2521 from 3.2513/2542, strengthened against the Philippine peso to 7.20/7.21 from 7.21/7.22, and edged up versus the Thai baht to 12.8768/8952 from 12.8772/8937 previously.

However, it slipped against the Indonesian rupiah to 254.2/254.6 from 254.0/254.4.

-- BERNAMA