Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US dollar to Malaysian ringgit exchange rate reached RM4.7225 in the morning session before settling at around RM4.7183 in the afternoon.

“Meanwhile, the US Dollar Index (DXY) dropped to 105.932 points after briefly surpassing 106 points last night,” he said.

Afzanizam noted that the US dollar-yen exchange rate grabbed headlines as it exceeded 160 yen, driven by the expectation that the Fed will maintain its hawkish stance.

“This anticipation is fuelled by the upcoming release of the personal consumption expenditures (PCE) price index, the Fed’s preferred measure of inflation, tomorrow,” he told Bernama.

At 6pm, the ringgit traded at 4.7160/4.7190 against the greenback, compared to yesterday’s close of 4.7140/4.7185.

Meanwhile, the ringgit closed mostly higher against a basket of major currencies.

The ringgit appreciated against the Japanese yen to 2.9383/2.9404 from 2.9459/2.9489 and picked up against the British pound to 5.9643/5.9681 from 5.9722/5.9779.

Meanwhile, it slipped against the euro to 5.0452/5.0484 from 5.0383/5.0431.

The ringgit was also mostly lower compared to its Asean peers.

The local currency eased against the Singapore dollar to 3.4761/3.4788 from 3.4746/3.4782, receded against the Indonesian rupiah to 287.4/287.7 from 287.1/287.6 and lowered against the Philippine peso to 8.03/8.04 from 8.01/8.02.

The ringgit rose vis-à-vis the Thai baht to 12.7874/12.8015 from 12.8007/12.8185.