Telegram群组导航:Ringgit ends higher against US dollar for third consecutive day

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KUALA LUMPUR: The ringgit ended higher against the US dollar for the third day in a row as the risk-on appetite in markets was encouraged by the lower-than-expected US Consumer Price Index (CPI) data, while the recent jump in Malaysia’s industrial production index boosted market optimism.

At 6 pm, the local currency rose to 4.4445/4460 versus the greenback from Wednesday’s close of 4.4545/4570.

A dealer said investors reacted with a dovish tilt after the US CPI data was released and the rates markets are now pricing that for the September meeting, the US Federal Reserve would lean towards a 50-basis point (bps) hike rather than 75 bps.

"Asian markets could see risk-on demand for equities supported by a weaker dollar,” he added.

He noted that investors have shown interest in Bursa Malaysia, which in turn boosted demand for the ringgit.

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The equity benchmark index breached and stayed above the 1,500-psychological level and end the day at its intraday high of 1,505.56 compared with yesterday's close of 1,492.33.

Meanwhile, the ringgit closed lower against a basket of major currencies.

It slipped against the Singapore dollar to 3.2456/2469 from 3.2333/2356 and eased versus the British pound to 5.4307/4326 from 5.3828/3858 previously.

The local currency fell vis-a-vis the Japanese yen to 3.3516/3529 from 3.3004/3025 on Wednesday and depreciated against the euro at 4.5934/5949 from 4.5547/5573 at yesterday’s closing. - Bernama