Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the September 2024 consumer price index (CPI) of 1.8% indicates that inflation has remained relatively stable for now, suggesting that Bank Negara Malaysia (BNM) is likely to maintain its current monetary policy in the near-term.
“Meanwhile, the US dollar remains in high demand as concerns over the upcoming US presidential election continue to influence market sentiment, causing traders to adopt a more risk-averse stance,” he told Bernama.
At 6pm, the local currency was at 4.3455/4.3510 against the greenback compared with yesterday’s close of 4.3490/4.3535.
At the close, the ringgit was mostly lower against a basket of major currencies.
It increased vis-a-vis the British pound to 5.6331/5.6402 from 5.6433/5.6491 yesterday, but inched down against the Japanese yen to 2.8589/2.8627 from 2.8484/2.8516 yesterday and slipped against the euro to 4.6918/4.6978 from 4.6887/4.6935 previously.
At the same time, the ringgit traded mixed versus Asean currencies.
It appreciated against the Philippine peso to 7.49/7.51 from 7.50/7.52 at the close yesterday and edged up against the Singapore dollar at 3.2928/3.2972 from 3.2932/3.2969 yesterday.
However, the local currency eased against the Indonesian rupiah to 278.8/279.3 from 278.2/278.7 yesterday and fell against the Thai baht to 12.9031/12.9259 from 12.8959/12.9149 previously. - FMT
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