The ringgit closed slightly higher against the US dollar
03/07/2024 
The ringgit also closed lower compared to the currencies of other ASEAN countries. - Image file/Bernama
KUALA LUMPUR: The ringgit closed slightly higher against the US dollar on Wednesday as the US Dollar Index fell to 105,641 points following the statement from the chairman of the United States Federal Reserve (US Fed) Jerome Powell that the country has returned to the trajectory of disinflation (a decrease in the inflation rate).
At 6pm, the ringgit rose to 4.7180/7210 against the US dollar from Tuesday's closing level of 4.7200/7225.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the market is still taking a cautious approach ahead of the announcement of US employment data and the ISM non-manufacturing sector index later tonight which will provide a clearer picture of the US interest policy stance.
"Therefore, the currency market will remain cautious with the US dollar expected to continue to receive support," he said.
Meanwhile, the ringgit closed mostly lower against other major currency groups.
The local unit continued to rise against the Japanese yen to 2.9149/9169 from Tuesday's close of 2.9195/9213 but fell against the British pound to 5.9895/9933 from 5.9628/9659 and eased against the euro to 5.0737/0770 from 5.0556/0583.
The ringgit also closed lower compared to the currencies of other ASEAN countries.
The local unit fell slightly against the US dollar to 3.4778/4803 from Tuesday's close of 3.4737/4757 and eased to 12.8346/8466 from 12.8021/8141 against the Thai baht earlier.
The ringgit also fell against the Philippine peso to 8.03/8.04 from a closing level of 8.02/8.03 and eased against the Indonesian rupiah to 288.1/288.5 from 287.8/288.1.
