19September2017

Ringgit rebounds on US inflation data

The ringgit rebounded from Friday’s losses to kick off the week higher against the US dollar today, benefiting from lower-than-expected US’ inflation data released last week, a dealer said.

At 9.05am, the ringgit stood at 4.2890/2920 against the greenback compared with Friday’s close of 4.2935/2965.

The dealer said the greenback retreated from last week's gains after the US delivered weaker-than-expected inflation data for July, which had dampened expectations for another Federal Reserve interest rate hike this year.

Meanwhile, the ringgit was mostly lower against a basket of major currencies.

The local currency fell against the Singapore dollar to 3.1532/1568 from 3.1461/1495 on Friday, appreciated versus the yen to 3.9190/9221 from 3.9365/9396 last week and declined against the euro to 5.0683/0736  from 5.0479/0518 last week.

It weakened against the British pound to 5.5761/5817  from 5.5644/5696 on Friday.-14/8/2017


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