The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Wednesday.
In the economic news, data from the Department of Statistics showed that Malaysia’s consumer price inflation increased as expected in March. The consumer price index climbed 0.9 percent year-over-year in March, faster than February’s 0.1 percent slight increase. The figure was matched with economists’ expectations.
On a monthly basis, consumer prices increased 0.9 percent in March. In the January to March period, the CPI grew 0.7 percent as compared to the corresponding period last year.
Against the greenback, the ringgit rose to a 2-day high of 3.6142. At yesterday’s close, the ringgit was trading at 3.6370 against the greenback.
If the ringgit extends its uptrend, it is likely to find resistance around the 3.50 area.
The material has been provided by InstaForex Company – www.instaforex.com