KUALA LUMPUR, April 12 — The ringgit continues its downtrend against the US dollar today as the local note struggles to pick up momentum as the rise in US yields boosted the greenback’s strength.
At 6pm, the ringgit eased to 4.2305/2330 versus the US dollar versus Monday’s close of 4.2290/2320.
The 10-year US Treasury yields rose two basis points to 2.80 per cent, earlier touching 2.83 per cent, the highest level since December 2018.
Meanwhile, SPI Asset Management managing partner Stephen Innes told Bernama that despite higher energy prices and stronger signs of equity inflows, the ringgit is relatively underperforming.
“Stronger yields have caused not only the ringgit but some other Asian currencies to take a dip.
“Not only that, with China continuing to be under lockdown with no economic stimulus in place has adversely impacted Malaysia’s export to that country, leading to a weaker economic rebound for Malaysia,” said Innes.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
It fell against the Singapore dollar to 3.1015/1036 from 3.1004/1031 on Monday, but strengthened versus the Japanese yen to 3.3674/3697 from 3.3738/3764 yesterday.
The local unit appreciated vis-a-vis the British pound to 5.5026/5059 from 5.5201/5240 and rose against the euro to 4.5998/6025 from 4.6210/6243 previously.
— Bernama
