Malaysian ringgit edges up against US dollar

The Malaysian ringgit closed marginally higher against the US dollar on Thursday, as markets awaited the release of key US inflation data. The local unit inched up to 4.7020/7070 against the greenback from yesterday’s close of 4.7030/7060.

Analysts expect the US Federal Reserve’s personal consumption expenditures (PCE) price index for April to indicate a stable inflation rate of 2.7 per cent year-on-year.

The ringgit appreciated against the euro 5.0838/0892, the British pound 5.9767/9831, and the Singapore dollar 3.4791/4833.

On the other hand, the ringgit weakened slightly against the Japanese yen 2.9959/9992 compared to 2.9923/9944 on the day before.

It also rose against the Thai baht 12.7727/7908, the Indonesian rupiah 289.0/289.4 and the Philippine peso 8.02/8.03.