KUALA LUMPUR, Jan 13 ― The ringgit extended its gains against the US dollar at the opening today as the rising inflation rate had further weakened the greenback, a dealer said.
ActivTrades trader Dyogenes Rodrigues Diniz said the United States Consumer Price Index data pointed to the highest inflation rate in 39 years, putting the US Federal Reserve under pressure to start raising interest rates. Technically, Diniz noted that the fall in the US dollar is unlikely to hold for much longer and the price could find support near the 4.1650-region.
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