KUALA LUMPUR: The ringgit opened higher against major currencies today but eased marginally against the US dollar after stronger-than-expected United States inflation reinforced expectations that the Federal Reserve (Fed) could keep interest rates higher for longer.
At 8 am, the local currency slipped to 4.0685/0750 against the greenback from Wednesday's close of 4.0670/0715.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Consumer Price Index (CPI) was the main focus overnight, with inflation accelerating to 4.2 per cent in May, the highest level since May 2023.
"The statistical releases gave the impression that the Fed is likely to be more hawkish when the Federal Open Market Committee members hold their meeting next week.
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