KUALA LUMPUR, May 30 — The ringgit closed lower against the US dollar today, extending its downtrend from yesterday’s closing due to higher demand for the greenback, said an...
At 9.00am, the ringgit dropped to 4.7150/7190 versus the American dollar compared with Wednesday’s close of 4.7030/7060. — Picture by Sayuti ZainudinKUALA LUMPUR, May 30 — The ringgit closed lower against the US dollar today, extending its downtrend from yesterday’s closing due to higher demand for the greenback, said an analyst.
At 9.00am, the ringgit dropped to 4.7150/7190 versus the American dollar compared with Wednesday’s close of 4.7030/7060. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar Index and yields on US Treasury securities were higher last night, signalling that the US Federal Reserve’s tight grip on monetary policy is here to stay.
The DXY pierced the 105 points after remaining at around 104 points for a few days, while the 10-year US Treasury note yielded six basis points higher to 4.61 per cent.“Against such a backdrop, the ringgit would continue to stay weak as demand for the US dollar remains firm,” Mohd Afzanizam told Bernama.The local unit appreciated against the euro to 5.0903/0946 from 5.1032/1065 on Wednesday’s closing, and improved versus the British pound to 5.9847/9898 from 6.0010/0049 yesterday.
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