Ringgit slips against US dollar at opening

KUALA LUMPUR, May 21 — The ringgit extended its loss from last Friday to open lower this morning against the US dollar on lack of market demand and as the interest of investors shifted towards the greenback on rising US Treasury yields.

As at 9am, the local unit was quoted at 3.9730/9780 from 3.9700/9740 recorded at Friday’s close.

 Oanda Head of Trading in Asia-Pacific, Stephen Innes said rising oil prices at between US$70 (RM278) and US$80 per barrel had stoked US inflationary feels and pushed US yields higher, thus strengthening the dollar.

“This will continue to weigh on the local note,” he said.

 Meanwhile, the local note traded mixed against a basket of major currencies.

The ringgit fell against the Singapore dollar to 2.9559/9600 from 2.9523/9557 and versus the yen, declined to 3.5773/5828 from 3.5769/5815 on Friday.

The local note appreciated against the British pound to 5.3469/3540 from 5.3516/3577 and improved against the euro to 4.6663/6738 from 4.6751/6806. — Bernama

Source: The Malay Mail

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