kuala lumpur: The ringgit closed higher against the weaker US dollar as traders adjusted their positions ahead of the United States (US) Consumer Price Index (CPI) data set released later today.
At 6pm, the ringgit rose to 4.3455/3495 against the dollar from Monday’s close of 4.3575/3625.
SPI Asset Management Managing Director Steven Innes said investor sentiment at home and abroad has improved as investors shifted their focus to upcoming US inflation data.
Domestically, we see positive trends in domestic equities and inflows despite a lack of domestically driven catalysts.
“All of the past few weeks point to near-term upward pressure on US inflation earlier this year, even if it eventually drops more sharply later in the year.
“The big question is how the market reacts to tonight’s rise in the US CPI,” he told Bernama.
Meanwhile, the ringgit fell against a basket of major currencies.
Monday’s close fell against the Singapore dollar to 3.2764/2799 from 3.2697/2739 and eased against the Japanese yen to 3.2918/2951 from 3.2837/2877 previously.
The local currency also fell against the euro to 4.6762/6805 from yesterday’s 4.6521/6574 and fell against the British pound to 5.2963/3012 from 5.2447/2507 to 5.2963/3012. –Bernama
