KUALA LUMPUR: The ringgit closed higher against the greenback today as investors' risk appetite improved ahead of US inflation data, with sentiment supported by the Budget 2027 announcement last week.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said market sentiment appeared to be focused on the US consumer price index (CPI) data due later tonight.
“The US inflation rate is expected to accelerate to 3.6% in September based on consensus estimates.
“The reading is key as it will shape the Federal Open Market Committee’s (FOMC) decision (later) this month,” he told Bernama.
At 6pm, the ringgit rose to 4.0805/4.0850 against the greenback from yesterday’s close of 4.0835/4.0880.
At the close, the ringgit traded lower against a basket of major currencies.
It climbed against the Japanese yen to 2.5751/2.5781 from 2.5833/2.5864 at yesterday’s close, inched down against the British pound to 5.4132/5.4192 from 5.4057/5.4177 and eased against the euro to 4.5673/4.5723 from 4.5654/4.5704.
Against its Asean peers, the local note gained against the Indonesian rupiah to 227.9/228.2 from 228.1/228.4 and was little changed against the Philippine peso at 6.50/6.51 from 6.49/6.50.
It edged up against the Singapore dollar to 3.1829/3.1267 from 3.1902/3.1940 at yesterday’s close and gained against the Thai baht to 12.1498/12.1672 from 12.1663/12.1844.
TAGS: FMTBizMarket, Ringgit, closing, US dollar, Afzanizam Rashid, Budget 2027, US CPI, FOMC