Kuala Lampur:The ringgit appreciated against a selection of major currencies but weakened compared to the US dollar on Thursday, as the greenback sustained its support despite lowered expectations for a US Federal Reserve interest rate hike.

According to BERNAMA News Agency, by 6 pm, the ringgit had fallen to 4.0830/4.0875 against the US dollar, down from Wednesday's close of 4.0785/4.0820. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, mentioned that the ringgit traded within a narrow range of RM4.0820-RM4.0875 against the US dollar during the day.

Dr. Mohd Afzanizam noted that the likelihood of a US rate hike had decreased to below 50 percent, from over 70 percent previously, following the release of the latest personal consumption expenditures (PCE) inflation rate data, which came in below market expectations. Despite this, the US dollar remained robust, with the US dollar Index rising by 0.30 percent to 101.759 points.

The ringgit saw gains against major currencies, climbing to 4.6015/6066 against the euro from 4.6324/6363, appreciating to 5.3896/3955 against the British pound from 5.4162/4209, and strengthening against the Japanese yen to 2.5781/5811 from 2.5969/5993.

Regarding ASEAN currencies, the ringgit improved against the Singapore dollar to 3.1856/1894 from 3.1943/1973, gained against the Thai baht to 12.1111/1294 from 12.1521/1666, and edged up against the Philippine peso at 6.50/6.51 from 6.51/6.52. It remained relatively stable against the Indonesian rupiah at 227.2/227.6 compared to 227.9/228.2.