KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today despite the US Dollar Index’s (DXY) strengthening, which should accelerate demand for the greenback.

At 8 am, the local note traded slightly better at 4.4330/4465 against the greenback compared with Tuesday’s close of 4.4365/4400.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said higher demand for the US dollar is expected as comments from US Federal Reserve (Fed) officials indicated that the prospect of an interest rate cut highly depends on upcoming economic data.

“Minneapolis Fed president Neel Kashkari suggested that he will look at the upcoming inflation data before making any decision on the interest rate.

“As such, ringgit and other emerging market currencies will likely stay weak in the near term,” Mohd Afzanizam told Bernama.

He added investors will monitor the US Consumer Price Index (CPI) print tonight, with consensus pencilling in a 2.6 per cent rise in October from 2.4 per cent previously, while Core CPI may be sustained at 3.3 per cent.

At the opening, the ringgit traded higher against a basket of major currencies.

It was higher against the British pound at 5.6463/6635 from 5.6889/6934 at Tuesday’s close, better against the euro to 4.7061/7204 from 4.7111/7148 and firmer against the Japanese yen to 2.8661/8752 from 2.8788/8812.

The ringgit also traded higher against ASEAN currencies.

Against the Thai baht, it rose to 12.7162/7637 from 12.7456/7608 at Tuesday’s close and strengthened against the Singapore dollar at 3.3107/3210 from 3.3143/3174.

The local unit marginally increased vis-a-vis the Philippine peso to 7.53/7.56 from 7.54/7.55 and was slightly higher against the Indonesian rupiah to 280.8/281.9 from 281.0/281.5 previously.

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