KUALA LUMPUR: The ringgit has staged a commendable performance against the greenback at the close as it rallied to RM4.68 -- a level last seen two months ago as the recent United States inflation data has boosted hopes for an interest rate cut in the US.The US Consumer Price Index last night showed that inflation has softened to 3.4 per cent in April year-on-year from 3.5 per cent in March.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest data continued to show a disinflationary trend. "The latest US CPI print indicates that the expectation for the US rate cut looks achievable amidst the weakening labour marker report in early May where the US Nonfarm Payrolls came in lower than expected in April to 175,000 against market expectation of 243,000,” he told Bernama."In that sense, there seems to be a change in sentiments towards US rates which resulted in greater demand for other currencies,” he added.It depreciated versus the Japanese yen to 3.
However it fell versus the Thai baht to 12.9503/9671 from 12.8735/8867 yesterday and inched down vis-a-vis the Indonesian rupiah to 293.9/294.3 from 293.5/293.8 previously. - BernamaSunway REIT's 1Q net profit dips to RM86.98mil on absence of Sunway Medical Centre