Ringgit gains against greenback on sinking US bond yields

KUALA LUMPUR: The ringgit was higher against the US dollar at opening on Tuesday, lifted by buying support for the local currency, while the greenback is weakening through the global risk-on channel as foreign exchange traders sell the dollar and put more money to work outside of the US.

This ensued from the sinking US dollar to an almost two-week low versus a basket of its peers, moving in tandem with retreating Treasury yields from recent peaks despite signs of a robust US economic recovery.