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KUALA LUMPUR: The ringgit opened marginally higher against the US dollar today, ahead of Malaysia's consumer price index (CPI) report for May 2022, scheduled to be released by the Department of Statistics (DoSM) today, said an analyst.

At 9.00 am, the local currency rose to 4.4020/4050 against the greenback from Wednesday's close of 4.4045/4075.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the CPI for May 2022 is expected to be higher at three per cent; a sign that a further normalisation of the monetary policy is quite likely.

"In that sense, the local note would be supported as the prospect of a higher overnight policy rate would help to keep the interest rate differential with the United States’ rate at a decent level," he told Bernama.

Meanwhile, he said fears of a recession will continue to drive the prevailing sentiment.

"Therefore, demand for safe-haven currencies such as the US dollar will remain intact," he added.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

The local note strengthened versus the Singapore dollar to 3.1653/1679 from Thursday's close of 3.1682/1706 and rose against the euro to 4.6283/6314 from 4.6318/6349 previously.

However, it had depreciated vis-a-vis the Japanese yen to 3.2583/2608 from 3.2534/2559 and weakened against the British pound to 5.3907/3944 from 5.3722/3758 yesterday. - Bernama