Ringgit extends gain to open higher against US dollar

KUALA LUMPUR: The ringgit extended yesterday’s gain to open higher against the greenback on Friday as more investors shifted toward emerging currencies on rising expectations of an interest rate cut in the United States next month and ahead of a US inflation report later today.

At 8 am, the local note bounced to 4.2040/2260 versus the US dollar from yesterday’s close of 4.2140/2195.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell 0.29 per cent to 97.897 points as the odds for a cut in US interest rates gained momentum again.

“The US Federal Reserve (Fed) official Christopher Waller who dissented the Federal Open Market Committee (FOMC) decision to keep the rate steady last month has reiterated his view that the Fed should reduce the funds rate in the next meeting (in September) as he sees that the weakening of the labour market has become apparent.

“At the same time, the second estimate of the second quarter US gross domestic product (GDP) growth came in higher at 3.3 per cent from the first estimate of 3.0 per cent,” he told Bernama today. However, Mohd Afzanizam said details of the revision showed the US economy was powered by the sharp decline in imports, which plunged 29.8 per cent and resulted in significant contribution from net exports to the overall GDP.

The US Personal Consumption Expenditures (PCE) Price Index, the Fed’s favoured gauge of inflation, will be released later today.

The ringgit traded mostly higher against a basket of major currencies.

It edged down versus the euro to 4.9099/9355 from 4.9089/9153 at Thursday’s close, but rose vis-à-vis the Japanese yen to 2.8632/8784 from 2.8639/8679, and strengthened against the British pound to 5.6788/7085 from 5.6893/6967.

It also traded mostly higher against other ASEAN currencies.

The local note strengthened versus the Singapore dollar to 3.2777/2951 from 3.2809/2854 yesterday, slipped against the Thai baht to 13.0207/0962 from 13.0142/0364, and went up against the Philippine peso to 7.36/7.40 from 7.38/7.39. It gained versus the Indonesian rupiah to 257.0/258.5 from 257.6/258.1. – Bernama

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