KUALA LUMPUR, April 22 — The ringgit ended higher against the US dollar today amid softer US Treasury yields, said an analyst.
At 6pm, the local unit went up to 4.1105/1145 against the greenback from Wednesday’s close of 4.1190/1230.
Axi chief global market strategist Stephen Innes said the forex market seemed to be less concerned about the Covid-19 surge in cases worldwide, citing that even the Indian rupee was rallying despite a mass increase in cases in India.
In the last 24 hours, India has reported 314,835 new coronavirus cases – the highest one-day tally recorded anywhere in the world with the number of deaths rising by 2,104.
“The US Treasury yields are a more significant driver for the ringgit than crude oIl and lower US yields make Malaysian Government Securities more attractive to foreign investors,” Innes told Bernama.
Meanwhile, the ringgit was traded mostly higher against other major currencies.
It rose against the Singapore dollar to 3.0948/0980 from Wednesday’s 3.0958/0995 but declined against the euro to 4.9490/9555 against 4.9453/9509 yesterday.
The ringgit appreciated against the British pound to 5.7152/7212 from 5.7390/7462 and went up against the yen to 3.8036/8076 from 3.8107/8155.