KUALA LUMPUR: The ringgit closed the week firmer against most regional currencies but slipped slightly versus the US dollar as investors awaited key signals from the Jackson Hole Economic Policy Symposium later tonight.
At 6pm, the local note stood at 4.2245/2295 against the greenback, marginally weaker than Thursday’s close of 4.2235/2275.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said markets are focused on US Federal Reserve (Fed) chair Jerome Powell’s speech, which could provide guidance on the Fed’s next move.
“Traders are watching closely for any indication on whether the Fed will cut rates at the September Federal Open Market Committee (FOMC) meeting. Current odds for a rate cut have moderated to 74 per cent from over 80 per cent earlier, reflecting uncertainty about the Fed’s next step,” he told Bernama.
On the domestic front, he noted that Malaysia’s inflation rose 1.2 per cent year-on-year in July 2025, broadly in line with market expectations, according to the Department of Statistics.
“The latest consumer price index indicates stable inflation, which bodes well for both the economy and the ringgit,” he said.
At the close, the ringgit posted gains against most major and ASEAN currencies. It strengthened against the euro to 4.8996/9054 from 4.9226/9263, and advanced versus the Japanese yen to 2.8408/8443 from 2.8595/8626. However, it slipped against the British pound to 5.6659/6726 from 5.6899/6953.
Among ASEAN peers, the ringgit appreciated against the Singapore dollar at 3.2763/2805 from 3.2819/2853, the Thai baht at 12.9387/9592 from 12.9460/9638, and the Indonesian rupiah at 258.3/258.7 from 259.2/259.6. It eased slightly versus the Philippine peso at 7.42/7.43 from 7.40/7.42.
