Ringgit extends downtrend against US dollar

April 24, 2018 | By | Reply More

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KUALA LUMPUR: The ringgit extended its downtrend to close lower against the US dollar today on strong buying interest for the greenback as US bond yields increased, a dealer said.

At 6pm, the ringgit was quoted at 3.9030/9080 from 3.8965/8995 on Monday.

It was reported that the 10-year US Treasury yield, which could potentially hit and break the three per cent level, could cause problems for the global economy as borrowing money would become more expensive.

OANDA Head of Trading Asia-Pacific, Stephen Innes, said the sell-off of local bonds also weakened the ringgit.

“Investors continue to pare back the ringgit’s exposure as locals are turning increasingly risk-averse as they think the (coming) general election results could be a lot tighter than initially predicted,” he said.

The ringgit, however, closed mixed against a basket of major currencies.

The local note fell against the Singapore dollar to 2.9510/9559 from 2.9452/9481 on Monday and eased against the British pound to 5.4466/4552 from 5.4411/4464 yesterday.

It rose against the yen to 3.5860/5913 from 3.6005/6043 on Monday and strengthened versus the euro to 4.7644/7713 from 4.7658/7706 yesterday. — Bernama

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