KUALA LUMPUR, Sept 12 — The ringgit closed lower against the US dollar in a quiet market tone on better demand for the greenback ahead of the United States (US) Consumer Price Index (CPI) data on Wednesday, said an analyst.
At 6pm, the local note eased to 4.6755/6805 against the greenback from Monday’s close of 4.6725/6760.
SPI Asset Management managing director Stephen Innes said the US CPI data could influence the US Treasury yields greatly, as higher yields would lead to a firmer demand for the US dollar.
“Currently, the US Treasury yields are relatively high and are hurting local Asian currencies.
“Local markets are hoping for a softer inflation print on the US CPI data tomorrow, which could help the ringgit and the local bond and stock markets,” he told Bernama.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
It ticked up against the British pound to 5.8299/8361 from 5.8551/8595 at Monday’s close, rose versus the Japanese yen to 3.1849/1886 from 3.1855/1881, and appreciated against the euro to 5.0131/0184 from 5.0145/0183 previously.
Against other Asean currencies, the local note traded mixed.
It marginally fell vis-à-vis the Singapore dollar to 3.4338/4378 from 3.4334/4362 at Monday’s close, was marginally lower versus the Philippine peso at 8.25/8.26 from 8.24/8.25 but improved against the Thai baht to 13.1157/1349 from 13.1583/1755.
It traded almost unchanged against the Indonesian rupiah at 304.7/305.2 from 304.7/305.1 previously.
— Bernama
