KUALA LUMPUR, March 30 — The ringgit ended lower against the US dollar today on the strengthening greenback as US Treasury yields climbed higher, forcing emerging currencies including the ringgit to retreat, said an analyst.
At 6pm, the ringgit was traded easier at 4.1490/1530 versus the greenback from 4.1390/1440 at Monday’s close.
Reports that the US Treasury yields rose with stocks as US President Joe Biden’s spending plans and ramped-up vaccine efforts stoked bets for a quicker economic recovery.
Meanwhile Axi chief global market strategist Stephen Innes told Bernama that the impact on ringgit was however helped by the news that Malaysia was removed from the FTSE Russell Watch List and would retain its membership in the FTSE World Government Bond Index.
The FTSE Russell on Monday announced that Malaysia would be removed from the Watch List for potential reclassification of its market accessibility level from “2” to “1” and will retain its membership in the FTSE World Government Bond Index.
At the close, the local currency was traded mixed against major currencies,
The ringgit fell against the Singapore dollar to 3.0799/0841 from 3.0744/0792, but appreciated against the Japanese yen to 3.7633/7672 from 3.7768/7817 yesterday.
It strengthened against the British pound to 5.7094/7158 from 5.7247/7320 but dropped versus the euro, easing to 4.8697/8760 from 4.8733/8800 at Monday’s close.
— Bernama
