Ringgit closes at strongest level in 16 months after cooler US inflation data

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Ringgit closes at strongest level in 16 months after cooler US inflation data
RinggitUS DollarMohd Afzanizam Abdul Rashid
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(Reuters) - Real Madrid's French midfielder Eduardo Camavinga will miss the start of the season after suffering a knee injury during training for the Super Cup, the LaLiga club said on Wednesday.

KUALA LUMPUR: The ringgit ended the day’s trading at about 4.41 against the US dollar, its best close in 16 months, as the US Federal Reserve was seen to be on track to cutting interest rates in September.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest US producer price index print last night, which came in lower than expected at 2.2 per cent in July against consensus estimate of 2.3 per cent and was a pullback from the 2.7 per cent recorded in the preceding month, showed that the disinflationary trend in the United States was proceeding well.

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