KUALA LUMPUR, July 24 — The ringgit was flat against the United States dollar in the morning session and mixed against a basket of other major currencies ahead of Malaysia’s inflation announcement today, said an analyst.
At 8.02am, the ringgit was flattish at 4.6720/6770 against the greenback from yesterday’s close of 4.6720/6745
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Malaysia’s Consumer Price Index (CPI) would be closely monitored, as the impact of the June 10 diesel price hike will be reflected in the data series.
He added that the ringgit is expected to be well supported as the expectation of a United States rate cut continues to build.
“The two-year United States Treasury yield during its auction was at 4.434 per cent compared to the previous auction of 4.706 per cent, suggesting the bond market is anticipating monetary easing by the United States Federal Reserve to occur this year,” Afzanizam said.
The local note was mostly higher against a basket of major currencies.
It was lower versus the Japanese yen at 2.9978/3.001 from 2.9958/9976 at yesterday’s close, rose against the British pound to 6.0269/0333 from 6.0320/0352, and improved vis-a-vis the euro to 5.0691/0745 from 5.0771/0798 yesterday.
The ringgit was also mixed against Asean currencies and almost flat against the Indonesian rupiah and the Philippine peso.
The domestic unit rose slightly against the Singapore dollar to 3.4713/4753 from yesterday’s 3.4731/3752, but fell against the Thai baht at 12.9196/9392 against 12.9004/9116 yesterday.
It was flat against the Indonesian rupiah, at 288.1/288.5 from 288.1/288.4, and against the Philippine peso, at 7.99/8.01 from yesterday’s 7.99/8.00.
— Bernama
