KUALA LUMPUR, April 12 — The ringgit ended easier against the US dollar on Friday as the greenback strengthened following higher-than-expected United States inflation data.Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said a sticky US inflation rate seems to have turbocharged the value of the US dollar as the Federal Reserve is likely to maintain its restrictive monetary policy stance for a considerable period.
“At the same time, it also remains highly uncertain whether the US economy can withstand the higher interest rate trajectory for a protracted period as this will discourage private investment and consumer spending.“Notwithstanding that, the debate over whether the US rate cut would happen or otherwise is benefitting the US dollar more than anything else,” he told Bernama.It strengthened vis-a-vis the Japanese yen to 3.1098/1133 from 3.
However, the local note rose against the Singapore dollar to 3.5090/5129 from 3.5262/5298 previously. — Bernama
Ends Easier Versus US Dollar On Higher-Than-Expected US Inflation Data
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