Ringgit lower versus US dollar on continued US bond yields

KUALA LUMPUR (March 22): The ringgit opened lower versus the US dollar as US bond yields continued to strengthen the greenback.

As at 9am, the ringgit opened lower against the greenback at 4.1130/1180, compared with 4.1050/1100 at last Friday’s close.

Axi chief global market strategist Stephen Innes said the ringgit will remain tethered to the inescapable clutch of the US yields and inflation curve momentum.

Yields on US Treasuries have surged to their highest level in more than a year from record lows hit in 2020 as the US Federal Reserve (Fed) decided to hold rates near zero for years to come, a move to boost the US economy.- The Edge Market