THE ringgit finished trading marginally higher against the US dollar after a stronger performance in the morning that tapered off later in the day.

At 6pm, the local note was traded at 4.4350/4395 versus the greenback from 4.4385/4435 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Malaysia’s latest consumer price index showed the inflation rate had gradually eased to 3.4% in March, down from 3.7% the previous two months.

“Despite that, the inflation rate still lingers on the high side. While another 25-basis-point hike in the overnight policy rate is still a plausible scenario, the window of opportunity seems to be narrowing, in light of the challenging global economic outlook,” he said.

Meanwhile, the ringgit traded easier against a basket of major currencies.

It slipped vis-a-vis the euro to 4.8616/8666 from 4.8508/8563 yesterday, inched down against the Japanese yen to 3.2923/2958 from 3.2919/2959 at yesterday’s close, and it was easier versus the British pound at 5.5127/5183 from 5.5100/5162 yesterday.

The local note also traded easier against Asean currencies.

The local note weakened against the Indonesian rupiah at 296.4/297.1 from 296.1/296.8 on yesterday, depreciated versus the Thai baht to 12.8947/9134 from 12.8719/8917, fell against the Philippine peso at 7.91/7.93 from 7.89/7.91 and went down against the Singapore dollar at 3.3256/3292 from 3.3190/3230 yesterday.

Bursa Malaysia Bhd and its subsidiaries will be closed tomorrow until Tuesday for Hari Raya. – Bernama, April 20, 2023.