Stronger US dollar curbs demand for ringgit

Stronger US dollar curbs demand for ringgit

KUALA LUMPUR,. The ringgit extended yesterday’s downtrend to open easier against the US dollar this morning as risk appetite for the greenback strengthened amid rising oil prices, a dealer said.

At 9am, the local currency stood at 4.1400/1440 against 4.1380/1420 recorded at yesterday’s closing.

Oanda head of trading in Asia-Pacific Stephen Innes said the resurgent US dollar and higher US bond yields were weighing on local sentiment.

He also said the weaker-than-expected China Price Manufacturing Index, released yesterday, has soured sentiment.

Meanwhile, the ringgit traded mixed against other major currencies.

It rose against the Singapore dollar to 3.0164/0195 from 3.0198/0238 yesterday and improved versus the euro to 4.7921/7979 from 4.8059/8118.

The local currency, however, depreciated vis-a-vis the Japanese yen to 3.6332/6370 from yesterday’s 3.6295/6340 and weakened against the British pound to 5.3990/4046 from 5.3976/3049. — Bernama