Kuala lumpur: The ringgit continued its uptrend for the third consecutive day, closing higher against the US dollar, major currencies, and ASEAN peers on Thursday as investors await the United States Personal Consumption Expenditures (PCE) inflation data later tonight. At 6 pm, the local note appreciated to 4.1160/1200 against the greenback from 4.1355/1400 at Wednesday's close.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd chief economist Dr. Mohd Afzanizam Abdul Rashid highlighted that the US PCE inflation data remains the key focus in the near term, especially with expectations of further US interest rate hikes gaining traction following last week's Federal Open Market Committee (FOMC) meeting.

Crude oil prices are also influencing economic forecasts, with Brent crude oil currently priced at US$72.86 per barrel, marking a 38.3 percent decline from its previous high of US$118.03 per barrel on April 29. Dr. Mohd Afzanizam noted that if crude oil prices continue to trend towards pre-war levels of around US$60-US$70 per barrel, it could lead to a decrease in the US inflation rate in June, potentially altering the course of monetary policy.

At the market close, the ringgit showed strength against a basket of major currencies. It advanced against the British pound to 5.4261/4314 from 5.4481/4540 at Wednesday's close, improved against the euro to 4.6762/6807 from 4.6921/6972 the previous day, and was firmer against the Japanese yen at 2.5437/5464 from 2.5567/5595.

The local currency also saw gains against regional currencies, appreciating against the Singapore dollar to 3.1742/1775 from 3.1848/1885, and increasing versus the Thai baht to 12.3370/3538 from 12.3658/3845. Additionally, the ringgit advanced against the Indonesian rupiah, rising to 229.4/229.7 from 230.3/230.7, and strengthened against the Philippine peso to 6.71/6.72 from 6.72/6.73.