Ringgit Ends Firmer Against Greenback As US Inflation, Treasury Yields Ease
WORLD
By Abdul Hamid A Rahman
KUALA LUMPUR, May 14 (Bernama) -- The ringgit closed firmer against the American dollar on Wednesday, supported by improved risk sentiment following a lower-than-expected US inflation reading and easing US Treasury yields.
At 6 pm, the local note appreciated to 4.2840/2910 versus the greenback compared to Tuesday's close of 4.3185/3250.
SPI Asset Management managing partner Stephen Innes said the Malaysian ringgit strengthened today after US yields eased following a softer-than-expected April inflation report, giving room for Asian currencies, including the ringgit, to recover.
'While long-term US interest rates remain elevated, markets are starting to reassess the inflation outlook, as the expected price pressures from recent tariff announcements have yet to materialise. US President Donald Trump's new import tariffs were expected to trigger a near-term price spike, but April's inflation data showed no notable increases in the categories likely to be affected,' he told Bernama.
He noted that the foreign exchange market was subdued today, with movements largely driven by external factors rather than domestic developments.
At the close, the ringgit traded lower against a basket of major currencies.
It declined against the Japanese yen to 2.9373/9425 from 2.9181/9227, fell against the euro to 4.8204/8282 from 4.7961/8033 and dropped against the British pound to 5.7191/7285 from 5.7056/7142 previously.
The local note was traded higher against its ASEAN peers.
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