Ringgit strengthens ahead of US inflation report
Malaysia’s currency rose against the dollar on Friday morning as investors awaited U.S. inflation data. The ringgit traded at 4.2190 per dollar at 8:02 a.m., improving from the previous day’s closing rate of 4.2250. Bank Muamalat Malaysia chief economist Mohd Afzanizam Abdul Rashid said analysts expect September’s consumer price index to show a 3.1 percent increase, up from August’s 2.9 percent rise.
Tariffs on imports have pushed American customs duties up 200 percent this year to $174 billion through September. The dollar index remained between 98 and 99 points, suggesting the ringgit would trade near 4.22 to 4.23 throughout the day. The local currency strengthened against the British pound to 5.6227 and the Japanese yen to 2.7655, but fell against the euro to 4.9021.
The ringgit rose against regional currencies at market opening. It appreciated to 3.2491 versus the Singapore dollar and 7.20 against the Philippine peso. The currency also improved to 12.8608 per Thai baht and 253.6 against the Indonesian rupiah.
