KUALA LUMPUR: The ringgit opened easier against the US dollar today with traders maintaining their focus on the greenback with higher-than-expected US inflation data.
At 9 am, the local currency fell to 4.7695/7735 versus the US dollar from Tuesday’s close of 4.7455/7500. "Some economists have pencilled in a rate cut projection towards the final quarter of the year. It is going to be a dollar positive in the immediate term with ringgit likely to stay weak given that the interest rate differentials between the US and Malaysia is expected to remain wide,” he told Bernama.
"This coupled with China's ongoing deflationary challenges would suggest a somewhat less pessimistic outlook for currencies like the ringgit, particularly amid a modest improvement in global risk sentiment, potentially mirrored in Asian markets today, following cues from US equities,” he said.
Source: News Formal (newsformal.com)
Ringgit US Inflation Data Bank Muamalat Stephen Innes Mohd Afzanizam
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