Kuala lumpur: The ringgit ended slightly higher against the greenback and other major currencies on Thursday, shrugging off the impact of stronger-than-expected US inflation data for May. At 6 pm, the local note inched up to 4.0650/0690 versus the greenback from Wednesday's close of 4.0670/0715.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid noted that the ringgit held steady at the RM4.06 level despite the US consumer price index (CPI) hitting a three-year high in May at 4.2 percent. He mentioned that this development comes ahead of the US Federal Open Market Committee (FOMC) meeting scheduled for June 16 and 17. The US Federal Reserve is anticipated to maintain its restrictive monetary policy stance next week, which could be positive for the US dollar in the near term.

Dr. Mohd Afzanizam also highlighted that uncertainties surrounding the war in Iran are expected to keep crude oil prices elevated, contributing to the high inflation rate. Despite these challenges, the local currency traded higher against a basket of major currencies.

The ringgit climbed against the Japanese yen to 2.5321/5347 from 2.5347/5377 at Wednesday's close. It also gained against the British pound to 5.4325/4378 from 5.4486/4546 and rose vis-a-vis the euro to 4.6878/6924 from 4.7006/7058.

Additionally, the ringgit was stronger against regional peers. It appreciated versus the Singapore dollar to 3.1556/1589 from 3.1591/1628 on Wednesday and was up against the Thai baht at 12.3331/3501 compared to 12.3688/3871 previously. It gained vis-a-vis the Indonesian rupiah to 225.9/226.2 from 226.6/227 and remained unchanged versus the Philippine peso at 6.62/6.63.