Ringgit ends easier versus US dollar on higher-than-expected US inflation data


  • Forex
  • Friday, 12 Apr 2024

KUALA LUMPUR: The ringgit ended easier against the US dollar on Friday as the greenback strengthened following higher-than-expected United States inflation data.

At 6 pm, the ringgit fell to 4.7680/7730 against the US dollar from Tuesday’s close of 4.7455/7500.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said a sticky US inflation rate seems to have turbocharged the value of the US dollar as the Federal Reserve is likely to maintain its restrictive monetary policy stance for a considerable period.

"At the same time, it also remains highly uncertain whether the US economy can withstand the higher interest rate trajectory for a protracted period as this will discourage private investment and consumer spending.

"Notwithstanding that, the debate over whether the US rate cut would happen or otherwise is benefitting the US dollar more than anything else,” he told Bernama.

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

It strengthened vis-a-vis the Japanese yen to 3.1098/1133 from 3.1255/1287 at Tuesday’s close, appreciated against the euro to 5.0808/0861 from 5.1565/1614 and went up versus the British pound to 5.9562/9624 from 6.0173/0230 previously.

The ringgit was traded lower against ASEAN currencies except the Singapore dollar.

It was lower versus the Thai baht at 13.0831/13.1036 from 13.0500/13.0678 on Tuesday, depreciated vis-a-vis the Indonesian rupiah to 300.8/301.3 compared to 299.3/299.8, and decreased versus the Philippine peso to 8.43/8.44 from 8.41/8.42 previously.

However, the local note rose against the Singapore dollar to 3.5090/5129 from 3.5262/5298 previously. - Bernama

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