The ringgit opened lower against the US dollar on Friday as the dollar remained strong following the announcement of the country’s Consumer Price Index (CPI). At 9 am, the ringgit fell to 4.4735/4790 against the US dollar from 4.4615/4665 yesterday.
Ringgit falls against dollar
ActivTrades trader Dyogenes Rodrigues said that CPI is a mechanism for measuring inflation at the beginning of the production chain and is also used to measure end-consumer inflation. “Today’s data shows inflation of +0.2 percent in April, which could increase overall inflation in the coming months.
Following the increase in inflation, investors expect the US Federal Reserve (Fed) to act to raise interest rates to curb price increases, which will in turn boost the strengthening of the dollar.”
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