Ringgit ends higher against the greenback
KUALA LUMPUR: The ringgit ended higher yesterday against the US dollar for the third consecutive day ahead of US producer price index (PPI) data.

At 6pm, the ringgit rose to 4.7160/7190 versus the greenback from Monday’s close of 4.7270/7320.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said since the conclusion of the US Federal Open Market Committee meeting on May 1, the ringgit has staged a commendable performance as the odds for another US rate hike look dim.

“Further, weaknesses in the US labour market recently led to renewed hopes for a rate cut to occur, lending further support to other emerging market currencies, including the ringgit.

“However, the situation is still fluid as US Federal Reserve officials are still concerned about the trajectory of the disinflationary trend (toward) the 2% target,” he told Bernama.
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The ringgit ended higher yesterday against the US dollar for the third consecutive day ahead of US producer price index (PPI) data.