Ringgit closes at strongest level in 16 months after cooler US inflation data
KUALA LUMPUR, The ringgit ended the day’s trading at about 4.41 against the US dollar, its best close in 16 months, as the US Federal Reserve was seen to be on track to cutting interest rates in September. At 6 pm, the ringgit surged to 4.4170/4235 versus the greenback from yesterday’s close of 4.4440/4505. The local note’s highest closing level previously was 4.4160/4210 registered on April 11, 2023. The ringgit equalled that level today when it hit its intraday high of 4.4160 at 9.24 am. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the latest US