Ringgit ends higher against US dollar

KUALA LUMPUR: The ringgit rose against the US dollar at the close on Thursday, ahead of the release of the United States’ consumer price index (US CPI) on Friday, said an analyst.

At 6 pm, the local currency appreciated to 4.3420/3940 against the greenback from yesterday’s close of 4.3930/3960.

SPI Asset Management managing partner Stephen Innes said the crude oil prices were still cushioning the ringgit to a degree, despite worries about global economic slowdown.

"An expectedly tranquil session (in the currency market) ahead of tomorrow's critical US CPI data, which is likely to signal if the US Federal Reserve needs to hike interest more aggressively or not, if inflation remains sticky within the report,” he told Bernama.

Meanwhile, the ringgit was traded mostly lower against a basket of major currencies.

The local note rose against the British pound to 5.4992/5017 from Thursday’s close of 5.5027/5064 but declined against the Singapore dollar to 3.1939/1956 from 3.1928/1952 yesterday.

It slipped against the Japanese yen to 3.2896/2914 from 3.2837/2862 and depreciated against the euro to 4.7060/7082 from 4.7027/7059 previously. - Bernama