Ringgit rebounds to end firmer against US dollar

 

KUALA LUMPUR: 

The ringgit rebounded against the US dollar to end marginally higher today, as the greenback retreated after key US inflation data came in above expectations.

At 6pm, the local note rose to 4.2865/4.2910 versus the US dollar compared to yesterday’s close of 4.2910/4.2940.

Bank Muamalat chief economist Afzanizam Rashid noted that the higher-than-expected US consumer price index (CPI) of 2.4% in September suggests that inflation rate remains sticky.

Nevertheless, rising initial jobless claims to the highest for the year at 258,000 last week indicates signs of weakening labour market, he added.

Mixed data points in the US have led to a weaker greenback, with the US Dollar Index (DXY) falling 0.18% to 102.806 points,

 he told Bernama.

Meanwhile, at the close, the ringgit was also firmer against a basket of major currencies.

It was higher versus the euro to 4.6886/4.6935 from 4.6918/4.6951 at yesterday’s close, appreciated against the Japanese yen to 2.8780/2.8812 from 2.8820/2.8842 previously, and rose vis-a-vis the British pound to 5.6016/5.6075 from 5.6122/5.6161.

However, the local currency was easier versus Asean currencies.

It declined against the Thai baht to 12.8504/12.8704 from 12.7724/12.7866 yesterday and fell vis-a-vis the Singapore dollar to 3.2824/3.2861 from 3.2811/3.2836.

The ringgit also slipped to 7.49/7.50 versus the Philippine peso from yesterday’s close of 7.48/7.50 and was lower against the Indonesian rupiah at 275.1/275.5 compared to 273.6/274.0 previously. - FMT