Kuala lumpur: The ringgit held steady against the US dollar at Thursday's opening as investors awaited the release of US consumer price index (CPI) data on Friday. At 8 am, the local currency was unchanged at 4.0670/0720 against the greenback from Wednesday's close.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid highlighted that the upcoming US CPI data would play a crucial role in shaping expectations for the United States Federal Reserve's interest rate decisions, possibly impacting market sentiment. "There seems to be less catalyst for a stronger ringgit, especially as traders will be watching the US CPI print to be published on Friday," he noted.

Dr. Mohd Afzanizam further explained that the current market environment is risk-averse, with traders seeking safe havens due to market volatility and rising crude oil prices. Brent crude oil prices were reported at US$101.21 per barrel, amid escalating tensions between the United States and Iran. He anticipates the US dollar-ringgit pair to fluctuate within a range of RM4.05 to RM4.07 throughout the day.

The ringgit's performance against other major currencies showed a downward trend. It weakened against the Japanese yen, slipping to 2.6483/6519 from 2.6474/6509 at Wednesday's closure, fell against the euro to 4.7311/7370 from 4.7275/7333, and eased against the British pound to 5.5100/5167 from 5.5043/5110.

In terms of regional currencies, the ringgit demonstrated mixed results. It saw a slight increase against the Thai baht, rising to 12.3459/3675 from 12.3579/3788 at the previous close, while it remained unchanged against the Philippine peso and Indonesian rupiah at 6.50/6.52 and 232.2/232.6, respectively. Conversely, the local currency softened against the Singapore dollar, declining to 3.2165/2210 from 3.2150/2192 previously.