The ringgit opened unchanged against the US dollar on Thursday as investors kept their focus on the upcoming US consumer price index (CPI) data due on Friday.
At 8am, the local currency stood at 4.0670/0720 against the greenback, unchanged from Wednesday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the inflation data could shape expectations over the United States Federal Reserve’s interest rate path while also influencing market sentiment.
“There seems to be less catalyst for a stronger ringgit, especially as traders will be watching the US CPI print to be published on Friday.
“At the same time, it is a risk-off environment and traders are seeking refuge from market volatility amid higher crude oil prices. Hence, we expect the US dollar-ringgit pair to trade within a range of RM4.05 to RM4.07 today,” he told Bernama.
He added that Brent crude oil prices were hovering at US$101.21 a barrel as tensions between the United States and Iran were expected to escalate.
Against major currencies, the ringgit weakened against the Japanese yen to 2.6483/6519 from 2.6474/6509 previously. It also slipped against the euro to 4.7311/7370 from 4.7275/7333 and the British pound to 5.5100/5167 from 5.5043/5110.
Trading against regional currencies was mixed.
The ringgit strengthened against the Thai baht to 12.3459/3675 from 12.3579/3788 but was unchanged against the Philippine peso at 6.50/6.52 and Indonesian rupiah at 232.2/232.6.
However, it weakened against the Singapore dollar to 3.2165/2210 from 3.2150/2192 previously.
