KUALA LUMPUR: The ringgit maintained its upward momentum against the US dollar and other major currencies, as traders and investors awaited the release of the US consumer price index (CPI) yesterday night.
At 6pm yesterday, the local note strengthened to 4.2290/2320, an increase of 0.08% against the greenback from Monday’s close of 4.2320/2360.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said higher-than-expected July readings could prompt the US Federal Reserve to reconsider cutting the Federal Funds Rate at its Federal Open Market Committee meeting in September.
The final estimate for Malaysia’s second quarter of financial year 2025 gross domestic product would also be closely monitored, Bernama quoted him as saying.
