The ringgit extended its uptrend against the US dollar on Wednesday, boosted by a 0.43% drop in the US Dollar Index to 98.097 after US inflation came in lower than expected. At 8am, it strengthened to 4.2115/2285 from Tuesday’s 4.2290/2320 close.
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Ringgit Strengthens as Softer US Inflation Lifts Rate Cut Hopes
Bank Muamalat chief economist Dr Mohd Afzanizam Abdul Rashid expects the currency to remain supported, trading between RM4.20 and RM4.23, citing a high likelihood of a US interest rate cut.
US July inflation slowed to 2.7%, driven by softer housing costs. The ringgit rose against most regional peers, but weakened against the yen and euro, while gaining versus the pound.
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