Ringgit weakens against US dollar

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KUALA LUMPUR (April 26): The ringgit extended losses from yesterday to open lower against the US dollar, as the greenback continues to strengthen on the back of rising US bond yields.

At 9 am, the ringgit was quoted at 3.9150/9200 compared with 3.9100/9130 on Wednesday.

OANDA Head of Trading in Asia-Pacific, Stephen Innes said regional currencies had also weakened as fund outflows are expected to stay high due to the higher US bond yields.

“The ringgit is expected to continue to trade defensively on the combination of a firmer US dollar backdrop and fixed income outflows,” he added. 

The ringgit, however, opened mostly higher against a basket of major currencies.

It eased marginally against the Singapore dollar to 2.9480/9529 from 2.9474/9508 on Wednesday, but improved against the Japanese yen to 3.5776/5832 from 3.5839/5876.

The local note rose slightly against the British pound to 5.4571/4645 from 5.4576/4629 and increased versus the euro to 4.7653/7722 from 4.7718/7770.