Muristek
At the close, the ringgit was traded higher against a basket of major currencies. — Reuters pic
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KUALA LUMPUR, April 6 — The ringgit retreated from yesterday’s gains to end lower against the US dollar today after higher United States (US) yields helped to lift the greenback, despite firmer oil prices, an analyst said.
At 6pm, the local currency fell to 4.2130/2155 versus the greenback from 4.2080/2125 at Tuesday’s close.
OANDA senior market analyst Asia Pacific Jeffrey Halley said the US dollar rose overnight as US long-dated yields spiked higher after very hawkish comments from the Federal Reserve governor Lael Brainard.
“In the meantime, investors await the release of the Federal Open Market Committee (FOMC) meeting minutes later today, wherein a hawkish minutes will likely see more US dollar strength and renewed downward pressure on Asian currencies,” he told Bernama.
Halley noted that with the US yields on the uptrend overnight, the odds are rising that the ringgit could retest its resistance in the 4.2400 region.
Meanwhile, at the close, the ringgit was traded higher against a basket of major currencies.
The local unit appreciated against the British pound to 5.5178/5210 from 5.5297/5356 at Tuesday’s close and rose versus the euro to 4.5964/5991 from 4.6191/6241.
It also advanced vis-a-vis the Singapore dollar to 3.1001/1021 from 3.1048/1086 yesterday and gained against the Japanese yen to 3.4014/4034 from 3.4256/4295 previously. — Bernama