Ringgit rises versus greenback on lower US treasury yields

KUALA LUMPUR: The ringgit opened higher against the US dollar on Thursday, supported by continued declines in US treasury yields that weighed on the greenback.

At 8.03am, the ringgit rose to 4.1295/4.1395 against the US dollar, from yesterday’s close of 4.1315/4.1385.

IPPFA Sdn Bhd director of investment strategy and country economist Sedek Jantan said US treasury yields continued to edge lower, with the 10-year yield easing 4.5 basis points to 4.065% – its lowest level this month and nearly 10 basis points below recent peaks.

“Markets are turning cautious ahead of key US economic data expected next week, following the House’s overnight passage of the continuing resolution bill,” he told Bernama.

Sedek warned that a prolonged US government shutdown could have broader implications, including potential delays to the November employment report scheduled for Dec 5 and the consumer price index release.

“Any postponement would leave the Federal Open Market Committee approaching its December rate decision with significantly less information than usual, heightening policy uncertainty,” he added.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit had entered an overbought zone.

“In light of uncertainties over the timing of the US government reopening, we expect traders to remain cautious,” he said, adding that the local note is likely to trade between RM4.13 and RM4.14 today.

At the opening, the ringgit was mostly higher against a basket of major currencies.

It gained against the yen to 2.6669/2.6736 from 2.6681/2.6728 at yesterday’s close and rose versus the British pound to 5.4187/5.4319 from 5.4189/5.4281. However, the local note slipped against the euro to 4.7857/4.7973 from 4.7801/4.7882.

The ringgit was mixed against Asean currencies.

It strengthened against the Indonesian rupiah to 246.9/247.7 from 247.1/247.7, and was flat against the Philippine peso at 6.98/7.00 from 6.98/6.99.

However, it edged lower against the Thai baht to 12.7564/12.7956 from 12.7068/12.7346 and fell against the Singapore dollar to 3.1712/3.1791 from 3.1683/3.1742.

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