RINGGIT OPENS LOWER AGAINST US DOLLAR

By Zarul Effendi Razali

KUALA LUMPUR, June 27 (Bernama) -- The ringgit extended yesterday’s loss to trade easier against the US dollar today, as strong sentiments towards the greenback continue to dominate the currency market, an economist said.

At 9.12 am, the ringgit traded at 4.7195/7230 against the greenback from Wednesday’s close of 4.7140/7185.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the Japanese yen seems to be grabbing the news headlines as the dollar-yen surpassed the 160 yen mark even before the release of the United States (US) personal consumption expenditures price index report on Friday.

“Other major currencies such as the euro, British pound, and Canadian dollar were also lower against the greenback, leading to a higher US Dollar Index (DXY) to 106.052 points.

“The 10-year US Treasury note also reversed its course with yields went up 8.0 basis points to 4.33 per cent. Spot gold prices fell below the US$2,300 per ounce in light of the higher US Treasury yields,” he told Bernama today.

Meanwhile, the ringgit was mostly lower against a basket of major currencies.

The ringgit appreciated against the Japanese yen to 2.9379/9403 from 2.9459/9489, improved against the British pound to 5.9555/9600 from 5.9722/9779, but declined against the euro to 5.0409/0446 from 5.0383/0431  at yesterday’s close.

The ringgit was mixed against its ASEAN peers.

The ringgit rose vis-s-vis against the Thai baht to 12.7623/7766 from 12.8007/8185 and inched up against the Singapore dollar to 3.4735/4764 from 3.4746/4782 yesterday.

The ringgit was weaker against the Indonesian rupiah at 287.4/287.9 from 287.1/287.6 and flat against the Philippine peso to 8.01/8.02 from 8.01/8.02 previously.

-- BERNAMA