The higher-than-expected US producer price index for July failed to lift the US dollar, says analyst.
KUALA LUMPUR: The ringgit closed the week stronger against the US dollar amid the greenback’s continued weakness as the higher-than-expected US producer price index for July failed to provide lasting support for the currency. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit traded within a narrow range today - between RM4.2162 and RM4.2225 - while the US Dollar Index slipped 0.36% to 97.
“The downside risks to growth have become elevated due to the uncertainties over external development,” he told Bernama. At 6pm, the local currency rose marginally to 4.2085/4.2155 from yesterday’s close of 4.2090/4.2145. At the close, the ringgit settled mostly higher against major currencies. It strengthened versus the Japanese yen to 2.8653/2.8702 from yesterday’s close of 2.8703/2.8742 and gained against the British pound to 5.7050/5.7145 from 5.7146/5.
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