KUALA LUMPUR: The ringgit opened lower against the US dollar for the third consecutive day on US interest rate normalisation concerns.
At 9.00 am, the ringgit stood at 3.9140/9170 against the greenback from Wednesday's close of 3.9040/9080.
OANDA Corp Head of Trading for Asia Pacific Stephen Innes said short-term sentiment remained tarnished by an unexpectedly faster rise in US bond yields.
“While this is mildly negative for local opinion, the main issue is investors are growing increasingly concerned about a quicker pace of interest rate normalisation from the US Federal Reserve which could trigger regional capital outflow,” he said.
Against a basket of major currencies, the ringgit traded mostly higher.
It rose against the Singapore dollar to 2.9540/9569 from 2.9551/9595 on Wednesday, but weakened against the Japanese yen to 3.6409/6447 from yesterday's 3.6316/6364.
The ringgit appreciated versus the British pound to 5.4420/4482 from 5.4531/4599 and firmed vis-a-vis the euro to 4.8033/8085 from 4.8144/8209. - Bernama
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