KUALA LUMPUR: The ringgit held steady against the US dollar at Thursday’s opening as investors awaited the release of US consumer price index (CPI) data on Friday.
At 8 am, the local currency was unchanged at 4.0670/0720 against the greenback from Wednesday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US CPI data would influence expectations for the United States Federal Reserve’s interest rate path and could weigh on market sentiment.
"There seems to be less catalyst for a stronger ringgit, especially as traders will be watching the US CPI print to be published on Friday.
"At the same time, it is a risk-off environment and traders are seeking refuge from market volatility amid higher crude oil prices. Hence, we expect the US dollar-ringgit pair to trade within a range of RM4.05 to RM4.07 today,” he told Bernama.
Mohd Afzanizam said Brent crude oil prices were hovering at US$101.21 a barrel as tensions between the United States and Iran were expected to escalate.
The ringgit traded lower against most major currencies.
It slipped against the Japanese yen to 2.6483/6519 from 2.6474/6509 at Wednesday’s close, fell against the euro to 4.7311/7370 from 4.7275/7333, and eased against the British pound to 5.5100/5167 from 5.5043/5110.
Against regional currencies, the ringgit traded mixed.
It edged up against the Thai baht to 12.3459/3675 from 12.3579/3788 at the previous close, while it was unchanged against the Philippine peso and Indonesian rupiah at 6.50/6.52 and 232.2/232.6, respectively.
However, the local note softened against the Singapore dollar to 3.2165/2210 from 3.2150/2192 previously. - Bernama
