The ringgit surged to 4.4170/4235 versus the greenback from yesterday’s close of 4.4440/4505.
KUALA LUMPUR: The ringgit ended yesterday’s trading at about 4.41 against the US dollar, its best close in 16 months, as the US Federal Reserve was seen to be on track to cutting interest rates in September.
At 6pm, the ringgit surged to 4.4170/4235 versus the greenback from yesterday’s close of 4.4440/4505. The local note’s highest closing level previously was 4.4160/4210 registered on April 11, 2023. The ringgit equalled that level yesterday when it hit its intraday high of 4.4160 at 9.24 am.
Bank Muamalat (M) Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest US producer price index print last night, which came in lower than expected at 2.2% in July against consensus estimate of 2.3% and was a pullback from the 2.7% recorded in the preceding month, showed that the disinflationary trend in the United States was proceeding well.
