Ringgit falls against demand for greenback

KUALA LUMPUR: The ringgit extended its downtrend against the US dollar on Friday morning, as the stronger greenback sentiment curbed risk appetite for the local currency, a dealer said.

At 9 am, the ringgit stood at 4.0520/0580 against the US dollar from Thursday’s close of 4.0380/0410.

Axi chief global market strategist Stephen Innes said the dollar soared last night following a surge in the United States’ 10-year bond yields on growing optimism over a sustainable recovery.

He said the declining oil prices as profit-taking emerged ahead of the Organisation of the Petroleum Exporting Countries’ March meeting has also influenced a pull back in the ringgit.

"Therefore, I expect the ringgit to trade on a defensive bias against the US dollar,” he told Bernama.

Meanwhile, the ringgit was traded mostly higher against other major currencies.

It rose against the Singapore dollar to 3.0512/0569 from 3.0663/0697 on Thursday, strengthened versus the British pound to 5.6696/6784 from 5.7231/7289, and increased against the euro to 4.9272/9357 from 4.9340/9385.

The local currency, however, depreciated vis-a-vis the Japanese yen to 3.8144/8204 from 3.8076/8108 previously. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Ringgit , US dollar , Stephen Innes , Bond , oil , OPEC , greenback


Next In Business News

From Harvard to Nasdaq listing: Grab CEO's ride to world's biggest SPAC deal
Widad to acquire Royal Navy training centre maintenance firm in Johor for RM35mil
Niche Capital to venture into gold mining business�in Kelantan
Banks' asset quality can recover to pre-pandemic level by 2023 -- S&P
TM awarded best companies to work for in Asia 2020, HR Award
Teladan Setia expands landbank in Melaka
SC imposes penalty on former EY partner for failure to comply with auditing standard
FBM KLCI ends the day almost flat
LVMH shares hit record high after strong sales figures
Tesco reports 2 bln pounds profit after 'exceptionally strong' sales

Stories You'll Enjoy