Traders maintained their focus on the greenback with higher-than-expected US inflation data.
KUALA LUMPUR: The ringgit opened easier against the US dollar today with traders maintaining their focus on the greenback with higher-than-expected US inflation data.
This suggests that the US Federal Reserve may keep interest rate hikes, dashing expectations for a June interest rate cut.
At 9am, the local currency fell to 4.7695/7735 versus the US dollar from Tuesday’s close of 4.7455/7500.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US dollar index surpassed the 105 points following the release of the US March inflation report, which registered at 3.5% versus the consensus estimate of 3.4%.
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