Ringgit slips on rising US Treasury yields

KUALA LUMPUR: The ringgit was lower against the US dollar early Wednesday morning on weaker demand for the local note due to higher US yields.

At 9.08 am (0108 gmt), the ringgit stood at 4.0820/0870 against the greenback from 4.0740/0780 at the close Tuesday.

A dealer said the benchmark 10-year US Treasury yield stood at 2.715 per cent, which is its highest since Jan 23.

“Furthermore, unexpectedly strong data on US services industries and new home sales also reduced some worries on the economic prospects of the giant economy,” he added.

It declined against the Singapore dollar to 3.0090/0145 from 3.0062/0109 and depreciated against the Japanese yen to 3.6528/6583 from 3.6381/6427.

It rose against the British pound to 5.3666/3752 from 5.3716/3785 and strengthened versus the euro to 4.6123/6191 from 4.6142/6200. – Bernama

Source : TheStar