Ringgit closes lower alongside regional currencies
KUALA LUMPUR: The ringgit ended the week easier against the greenback, alongside regional currencies, as the US producer price index (PPI) data came in higher than expected, pushing back expectations of an interest rate cut in the US in June.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that the Korean won, which depreciated by 0.91%, led the regional decline, followed by the ringgit, the Philippine peso, and the Indonesian rupiah, which lost 0.35%, 0.29% and 0.24%, respectively.
The core February US PPI held steady with a 2% year-over-year increase, surpassing expectations of 1.9%.
On a monthly basis, the report indicated a 0.3% uptick compared to the previous 0.5%, outperforming the anticipated 0.2% forecast.
Afzanizam said the US Federal Open Market Committee (FOMC) meeting on March 19-20 next week would be the main event as markets look for a clearer indication of the US interest rate outlook.
Meanwhile, SPI Asset Management managing director Stephen Innes…
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