The ringgit is expected to trade between RM4.08 and RM4.10 against the US dollar today, says an analyst.
At 8 am, the ringgit strengthened to 4.0810/4.0865 against the US dollar from Thursday’s close of 4.0840/4.0880.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said movements in the US Treasury yields continued to influence market sentiment, with the yield on 30-year US Treasury bonds rising eight basis points to 5.48%, its highest level in two decades.
“The rise in long-term bond yields implies that an inflation risk premium is building up, as heightened geopolitical risks in the Middle East could exert upward pressure on crude oil prices.
“All this appears to have supported the US Dollar Index (DXY), which rose 0.19% to 101.285 points, amid expectations that the US Federal Reserve will continue tightening monetary policy,” he told Bernama.
Afzanizam said the ringgit is expected to trade between RM4.08 and RM4.10 against the US dollar today.
At the opening, the ringgit strengthened against a basket of major currencies.
It rose against the euro to 4.6413/4.6476 from 4.6451/4.6497 at Thursday’s close and strengthened against the British pound to 5.3910/5.3983 from 5.4023/5.4076. It also gained against the Japanese yen to 2.5694/2.5730 from 2.5723/2.5750 previously.
The local note also traded higher against its Asean peers.
It edged up against the Singapore dollar to 3.1885/3.1931 from 3.1906/3.1940 at Thursday’s close and strengthened against the Thai baht to 12.1854/12.2091 from 12.1950/12.2121.
The ringgit also strengthened slightly against the Indonesian rupiah to 227.7/228.2 from 227.9/228.2 previously, and edged higher against the Philippine peso to 6.50/6.51 from 6.51/6.52. - FMT
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