Kuala lumpur: The ringgit opened weaker against the US dollar this morning and is predicted to remain range-bound ahead of the United States' Personal Consumption Expenditures (PCE) inflation report scheduled for release on Thursday. At 8 am, the local currency fell to 4.1450/1505 against the greenback, compared to 4.1380/1430 at Tuesday's close.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid attributed the US dollar's strength to unexpectedly robust economic data. "The hawkish stance of US Federal Reserve officials continues to dominate currency markets, as recent data suggest the US economy remains fairly resilient despite higher fuel prices," he stated. He also pointed out that US Purchasing Managers' Index readings for both manufacturing and services sectors exceeded expectations in June, registering at 55.7 points and 51.3 points, respectively.

At the market opening, the ringgit showed a downward trend against a range of major and regional currencies. It fell against the British pound to 5.4887/4973 from the previous close of 5.4750/4816, and against the euro to 4.7345/7419 from 4.7223/7280. The ringgit also eased against the Japanese yen, trading at 2.5648/5690 compared to 2.5638/5669 previously.

The local currency exhibited a similar trend against most regional currencies. It depreciated against the Singapore dollar to 3.2030/2085 from 3.1959/2000 and weakened versus the Thai baht to 12.5637/5899 from 12.4845/5053. Moreover, the ringgit fell against the Indonesian rupiah to 232.2/232.7 from 231.6/232.0, although it strengthened against the Philippine peso, moving to 6.78/6.79 from 6.74/6.75.