The local currency continues to remain weak as investors worry about Middle East conflict, says analyst.
KUALA LUMPUR: The ringgit extended its decline to close lower against the US dollar today as the 10-year US Treasury yield hit 5% while geopolitical tension in the Middle East further spurred a risk-off sentiment.
“On that note, foreign exchange markets will continue to remain risk averse which would result in higher demand for the US dollar,” he told Bernama. Bank Negara Malaysia ’s governor Abdul Rasheed Ghaffour said today that the central bank will do whatever is necessary to ensure the ringgit continues to adjust in an orderly manner.
The governor explained that the currency market is operating in an environment of a strong US dollar, and the financial markets are further affected by recent geopolitical developments.
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