KUALA LUMPUR: The ringgit ended slightly higher against the US dollar today ahead of the US Consumer Price Index’s release tonight.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Federal Open Market Committee is likely to keep the federal funds rate unchanged during its meeting on June 13-14.
“But the more important question is whether it would resume the rate hike campaign again in July and beyond.
“On that note, expect the ringgit to be range-bound in the near term until there is more clarity on the US interest rate outlook,” he told Bernama.
At 6pm, the local note finished at 4.6115/6185 versus the greenback compared with yesterday’s close of 4.6175/6220.
Meanwhile, the ringgit traded mostly higher against a basket of major currencies.
It appreciated versus the British pound to 5.7953/8041 from Monday’s closing of 5.8157/8214 and advanced against the Japanese yen to 3.3043/3096 from 3.3162/3197, but fell vis-a-vis the euro to 4.9823/9898 from 4.9804/9853 previously.
However, the local note traded mixed against other Asean currencies.
The ringgit increased against the Singapore dollar to 3.4399/4454 from 3.4408/4444 on Monday and was slightly higher versus the Indonesian rupiah at 310.2/310.8 compared with 310.6/311.0 yesterday.
The local unit, however, went down against the Thai baht to 13.3442/3699 from 13.3400/3599 previously and eased against the Philippine peso to 8.24/8.26 from 8.23/8.25. - FMT
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