KUALA LUMPUR, April 11 — The ringgit struggled against the US dollar today to close lower against the backdrop of another round of higher US yields, which prompted more buying interest for the greenback.
At 6 pm, the local currency dropped to 4.2290/2320 versus the US dollar from 4.2195/2230 on Friday.
It was reported that the 10-year US Treasury yield topped 2.76 per cent on Monday morning, while the five-year and 30-year rates remained inverted.
“Meanwhile, China’s lockdown continues, and with coronavirus cases rising, there is no scope for reopening under the country’s zero-Covid policy.
“This is negative for countries with trade ties, including Malaysia, as the lockdowns will lead to a protracted period of lower consumer spending,” SPI Asset Management managing partner Stephen Innes told Bernama.
The ringgit was traded mostly lower against a basket of major currencies.
It weakened versus the British pound to 5.5201/5240 from 5.5026/5072 and depreciated vis-a-vis the Singapore dollar to 3.1004/1031 against 3.0953/0981.
The local unit eased versus the euro to 4.6210/6243 from 4.5858/5896 but rose against the Japanese yen to 3.3738/3764 from 3.4004/4034 on Friday. — Bernama
