KUALA LUMPUR,. The ringgit opened lower against the US dollar on better demand for the greenback driven by strong US yields, analysts said.
At 9am, the local note slipped to 4.4520/4565 against the US dollar from last Friday’s close at 4.4335/4370.
It was reported the US 10-year yields rose six basis points (bps) to 3.94 per cent and two-year yields gained 12 bps to 4.81 per cent.
SPI Asset Management managing director Stephen Innes said higher US yields and risk sentiment would give negative impact to the ringgit.
“The turn in sentiment followed a solidly stronger-than-expected core Personal Consumption Expenditures (PCE) Price Index deflator report, adding to concerns about the need for a higher Federal Reserve (Fed) terminal rate,” he told Bernama.
Innes said traders could start to position for China’s upcoming National People’s Congress meetings (NPC) on March 5 which could limit regional losses.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
The local unit strengthened against the Japanese yen to 3.2670/2706 from 3.2804/2833 last Friday and appreciated versus the British pound to 5.3246/3300 from 5.3308/3350 previously.
It was slightly lower against the euro at 4.6986/7034 from 4.6933/6970 and fell marginally versus the Singapore dollar to 3.2990/3026 from 3.2970/3001 at Friday’s close. — Bernama
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