Ringgit ends higher, US CPI data in focus

KUALA LUMPUR: The ringgit ended higher against the weaker US dollar as traders adjust their positions ahead of the United States (US) consumer price index (CPI) data set to be released later today.

At 6 pm, the ringgit rose to 4.3455/3495 versus the greenback from Monday’s closing of 4.3575/3625.

SPI Asset Management managing director Stephen Innes said investors’ sentiment had improved both domestically and overseas as they shifted their focus to the upcoming US inflation data.

Back home, a positive trend has emerged in domestic equities and inflows despite the lack of domestic-driven catalysts.

“Everything in the last few weeks has pointed to near-term upward pressure on US inflation in the early part of this year, even if it eventually falls more sharply later in the year.

“The big question is how the market will react to any upside beat to US CPI tonight,’’ he said to Bernama.

In the meantime, the ringgit traded lower against a basket of major currencies.

It depreciated against the Singapore dollar to 3.2764/2799 from 3.2697/2739 at Monday’s close and eased versus the Japanese yen to 3.2918/2951 from 3.2837/2877 previously.

The local currency also slipped vis-a-vis the euro to 4.6762/6805 from 4.6521/6574 yesterday and fell against the British pound to 5.2963/3012 from 5.2447/2507 previously. –Bernama

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