KUALA LUMPUR, Sept 26 — The ringgit closed easier against the US dollar on better demand for the greenback as the US 10-year bond yields made new highs, said an analyst. At 6...
KUALA LUMPUR, Sept 26 — The ringgit closed easier against the US dollar on better demand for the greenback as the US 10-year bond yields made new highs, said an analyst.
SPI Asset Management managing partner Stephen Innes said the lurch in US yields to a new high is hurting the ringgit, coupled with regional risk as markets are a bit distressed by China’s ongoing property market woes. “This led the market to re-evaluate the possibility of interest rates remaining at elevated levels for an extended period,” he told Bernama.Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit continues to remain weak against the US dollar following concern over possible government shutdown by Oct 1.
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