Ringgit improves slightly against greenback ahead of US CPI data
KUALA LUMPUR: The ringgit ended higher against the US dollar today after the greenback briefly slipped ahead of the release of the closely-watched US Consumer Price Index (CPI) data today.
At 6 pm, the local currency gains slightly versus the greenback to 4.4360/4385 from Tuesday’s close of 4.4385/4405.
SPI Asset Management managing partner Stephen Innes said the local unit improved on position squaring ahead of the US inflation print.
"If the market reads the print as signalling peak inflation, the US yields could drop, and the ringgit may open stronger tomorrow but it all depends on the US inflation print,’’ he told Bernama.
However, the ringgit could be under pressure this week if the CPI reading is high.,
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Analysts project that Malaysia's full-year 2022 inflation will rise to 3.0 per cent from 2.5 per cent last year.
The local unit was traded mostly lower against a basket of major currencies.
It weakened against the British pound to 5.2753/2783 from 5.2539/2562 on Tuesday and decreased versus the euro to 4.4524/4549 from 4.4456/4476 yesterday.
The ringgit was lower against the Singapore dollar at 3.1559/1582 from 3.1539/1556 yesterday but strengthened vis-a-vis the Japanese yen to 3.2358/2379 from 3.2414/2431 previously. - Bernama