KUALA LUMPUR: The ringgit continued its bullish momentum to close higher against the US dollar yesterday, as the US national debt, which surpassed US$40 trillion for the first time, weighed on the greenback.
At 6pm, the ringgit strengthened 140 percentage in points to 4.0425/0470 against the US dollar from Wednesday’s close of 4.0565/0610.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the size of US public debt came into the spotlight recently with the US Treasury Department stepping up efforts to prevent Treasury yields from rising excessively.
“Direct intervention by the US government in the treasury markets to stem the rise in long-term yields was the main driver in traders’ sentiment.
