Ringgit Rises Amid US Dollar Weakness

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The ringgit rose higher against the US dollar in the early morning session today on better demand for the local note, amidst broad US dollar weakness.

At 9.10am, the local unit was quoted at 4.2950/3050 against the greenback from 4.3220/3280 at the close on Wednesday.

A dealer said market players anticipate the United States’ (US) nonfarm payrolls report for April — which would be released later today — to show massive job losses following the COVID-19 pandemic.

“Furthermore, the weaker demand is due to weaker yields, as the 10-year US treasury yield is down by as much as 10 per cent,” he added.

Meanwhile, the ringgit was traded higher against other major currencies, except against the Singapore dollar, where it fell to 3.0426/0504 from 3.0417/0470 on Wednesday.

The local note rose against the yen to 4.0405/0510 from 4.0651/0719, appreciated against the pound to 5.3249/3382 from 5.3472/3555 and was higher against the euro to 4.6579/6701 from 4.6613/6695.

Source TheStar

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