KUALA LUMPUR: The ringgit closed higher against the greenback on Monday as softer US economic data dampened expectations of a US Federal Reserve (Fed) interest rate hike in September.
At 6pm, the ringgit jumped 225 percentage-in-points (pips) to 4.0585/4.0630 versus the US dollar from last Friday’s close of 4.0840/4.0885.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the lower US consumer price and producer price indices, as well as weaker jobs data last week, appeared to ease expectations of a potential rate hike by the Fed next month.
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