KUALA LUMPUR, Oct 12 — The ringgit ended higher against the US dollar in the closing session primarily due to traders adopting a cautious stance, showing hesitancy in participating in the market.

At 6.02 pm, the local note rose to 4.7090/7140 against the greenback from Wednesday’s close of 4.7145/7180.

SPI Asset Management managing partner Stephen Innes noted that the resilience is attributed to the cautious stance reflected in the Federal Reserve (Fed) minutes released on Wednesday which implied that the Fed has concluded its series of interest rate hikes.

"The most noteworthy observation is that United States (US) bond yields are holding steady despite a reduction in geopolitical risk, indicating that the market believes the Fed has completed its interest rate hikes.

"Traders will also closely monitor the release of the US Consumer Price Index (CPI) tonight, and if it aligns with expectations, US bond yields could decline further, providing additional support for the ringgit,” he told Bernama.

The ringgit was traded mostly lower versus a basket of major currencies.

It depreciated against the euro to 5.0005/0058 from 4.9983/5.0020 and went down against the British pound to 5.7925/7987 from 5.7918/7961 at Wednesday’s close

Meanwhile, it went up against the yen to 3.1572/1614 from 3.1711/1737 at yesterday’s close.

The local note was traded mixed against other Asean currencies.

It appreciated against the Singapore dollar to 3.4556/4598 from 3.4587/4617 and also the Indonesian rupiah at 299.9/300.4 from 300.2/300.6 at Wednesday’s close

It depreciated against the Thai baht to 12.9997/13.0207 from 12.9462/9615 and also against the Philippine peso to 8.31/8.32 versus 8.30/8.32 previously. — Bernama