THE ringgit rebounded higher today against the United States dollar as investors shrugged off higher-than-expected US consumer price index (CPI) data.

At 9am, the ringgit appreciated to 4.6405/6455 versus the greenback from yesterday’s close of 4.6425/6455.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US headline CPI and core CPI came in slightly higher in December at 3.4% and 3.9% against consensus estimates of 3.2% and 3.8%.

The bond market continued to exhibit a decline in yields, suggesting market participants should continue expecting a rate cut. – Bernama, January 12, 2024.