KUALA LUMPUR: The ringgit continued to weaken in opposition to the US greenback as the 10-year US Treasury yield rose to 4.91%, which is the best since 2007, suggesting that inflation premium is on the rise, stated an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid stated the primary concern out there now’s the Palestine-Israel battle.
“The US President’s unequivocal help for Israel may doubtlessly lengthen the battle and beneath such circumstances, the US greenback is probably going to be the primary beneficiary, given its secure haven standing,” he instructed eNM.
Mohd Afzanizam added that as such, market sentiments might stay cautious right this moment.
At 9am, the native foreign money traded simpler at 4.7615/4.7650 in opposition to the dollar from yesterday’s shut of 4.7445/4.7485.
Meanwhile, the ringgit had additionally eased versus a basket of main currencies, besides the British pound the place it had strengthened to 5.7809/5.7852 from 5.7869/5.7917 at yesterday’s shut.
The native observe fell in opposition to the euro to 5.0181/5.0218 from 5.0140/5.0182 and was decrease in opposition to the yen at 3.1794/3.1820 from 3.1685/3.1714 at yesterday’s shut.
It had additionally traded principally decrease in opposition to different Asian currencies.
The ringgit declined in opposition to the Thai baht to 13.0757/13.0907 versus 13.0738/13.0914 at yesterday’s shut and eased in opposition to the Indonesian rupiah at 301.5/302.0 from 301.2/301.5 beforehand.
It slipped in opposition to the Singapore greenback to 3.4669/3.469 from yesterday’s shut of three.4649/3.4681 however improved vis-a-vis the Philippines’ peso to 8.36/8.39 from 8.37/8.38 yesterday.
