Ringgit strengthens as US Treasury yields fall

KUALA LUMPUR: The ringgit further strengthened its position against the US dollar in early session today from Friday’s close, riding on the weakening greenback as the US Treasury yields eased below 1.6 per cent, said an analyst.

At 9am, the local currency rose to 4.1020/1070 against the greenback from Friday’s close of 4.1080/1130.

The analyst said the ringgit was also supported by China’s positive economic data, on the back of strong exports and rising business confidence, due to Malaysia’s strong economic ties with China.

China’s economy continued to boom in April from a record growth in the first quarter.

Meanwhile, the ringgit was traded mixed against other major currencies.

The local note was almost flat against the Singapore dollar at 3.0935/0975 from Friday’s 3.0936/0978 but improved versus the yen to 3.8034/8088 from 3.8069/8119.

The ringgit appreciated against the British pound to 5.6969/7042 from 5.7007/7093 but declined vis-a-vis the euro to 4.9655/9732 from 4.9522/9595. - Bernama

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