KUALA LUMPUR, Oct 23 — The ringgit extended its decline to close lower against the US dollar on Monday as the 10-year US Treasury yield hit 5 per cent while geopolitical tension...
Craving for 'Heng Hwa mee sua'? Head over to Jalan Ipoh's Restoran Riverview Small Village for the noodles and other tasty dishesKUALA LUMPUR, Oct 23 — The ringgit extended its decline to close lower against the US dollar on Monday as the 10-year US Treasury yield hit 5 per cent while geopolitical tension in the Middle East further spurred a risk-off sentiment.
The yield on the benchmark 10-year US Treasury bond rose nine basis points to 5.014 per cent at the time of writing. "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. Abdul Rasheed stressed that while the ringgit’s level versus the US dollar has touched the Asian financial crisis level in 1998, the country is not in a crisis based on its strong fundamentals, as reflected by its economic growth and well-capitalised banking system, among others.
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