KUALA LUMPUR: The ringgit closed lower by 100 basis points (bps) against the US dollar today, as sentiment remained prone to the broader US dollar reaction to higher US yields, said an analyst.
At 6 pm, the local note dipped to 4.1250/1280 against the US dollar from 4.1150/1200 at Tuesday’s close.
Axi chief global market strategist Stephen Innes said foreign exchange traders believed that US yields would continue to rise.
“…and until there is clear and unambiguous evidence to the contrary, the ringgit could remain on the defensive mode,“ he told Bernama.
The local note also traded lower against other major currencies.
It eased against the Singapore dollar to 3.0635/0664 from 3.0583/0627 on Tuesday and fell against the Japanese yen to 3.7955/7987 from 3.7863/7913 yesterday.
The ringgit depreciated versus the British pound to 5.7366/7425 from 5.7178/7260 and declined against the euro to 4.9083/9127 from 4.8989/8057 previously. — Bernama