KUALA LUMPUR: The ringgit ended higher against the greenback on Wednesday, supported by softer US Treasury yields ahead of the US Federal Reserve’s (Fed) Jackson Hole symposium.
At 6 pm, the ringgit rose to 4.0240/0280 against the US dollar from Monday’s close of 4.0405/0440.
Quintex Intel global strategist Stephen Innes said softer US Treasury yields had pushed the ringgit nearly half a per cent stronger ahead of a major US risk event.
"The flow data support that view, with Bank Negara figures showing roughly RM3 billion of non-resident Malaysian bond accumulation on Aug 19, including about RM2.1 billion in government bonds and another RM950 million in corporate bonds.
"So my instinct is that today’s move is a mix of a friendlier global backdrop and Malaysia-specific portfolio inflows,” he told Bernama. - Bernama
