Kuala lumpur: The ringgit experienced a mixed performance in the currency market on Thursday, as it opened higher against major global currencies while softening against the US dollar. This movement comes amid a moderation in the US consumer price index (CPI), a key indicator of inflation trends.

According to BERNAMA News Agency, at 8 am, the ringgit eased to 4.0850/0950 against the US dollar, slightly down from the previous day's close at 4.0835/0875. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, pointed out that the US CPI inflation rate decreased slightly to 3.4 percent in July from the previous month's 3.5 percent. This minor change aligns with consensus estimates, and the 10-year US Treasury yields have fallen below 4.70 percent, suggesting a moderation in the inflation premium.

Dr. Mohd Afzanizam also commented on the current geopolitical concerns, including the reopening of the Straits of Hormuz. He suggested that while worries remain elusive, the risk of increased inflation persists, which could influence the ringgit's performance. "We expect the ringgit to oscillate around RM4.07 to RM4.09 against the US dollar today," he noted.

The ringgit performed better against a range of major currencies, strengthening against the Japanese yen to 2.5637/5701 from 2.5655/5682 and rising against the euro to 4.7092/7207 from 4.7107/7153. Additionally, it improved against the British pound, reaching 5.5135/5270 from the previous 5.5180/5234.

In regional currency trading, the ringgit demonstrated varied results. It climbed against the Thai baht to 12.3418/3791 from 12.3488/3665 but eased against the Singapore dollar to 3.1912/1992 from 3.1905/1941. The local currency showed little change when traded against the Indonesian rupiah, moving to 228.5/229.1 from 228.4/228.7, and remained flat against the Philippine peso at 6.67/6.69.