KUALA LUMPUR (March 4): The ringgit failed to maintain its gains at the opening today as it traded lower by 30 basis points (bps) against the US dollar on a lack of buying interest, said an analyst.
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At 9.05am, the local currency had fallen to 4.0520/0570 against the greenback from 4.0490/0530 at yesterday’s close.
Axi chief global market strategist Stephen Innes said sentiment remained prone to the broader US dollar reaction to higher US yields, especially if the US yield rise starts to outpace other countries’ bond yield bounce.
“The ringgit closed yesterday on a favourable tone after the government eased mobility restriction across most of the country.
“Today’s higher oil prices should offset the climb in US yields to allow the ringgit to trade within its current range but likely a touch weaker [at the opening],” he told Bernama.
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Innes said investors await the OPEC+ output cut decision later today.
At the time of writing today, Brent crude had risen 0.22% to US$64.21 (RM260.29) per barrel.
Meanwhile, the ringgit was traded higher against other major currencies.
It appreciated against the Singapore dollar to 3.0407/0451 from 3.0446/0487 yesterday, and rose versus the British pound to 5.6452/6538 from 5.6605/6673.
It improved against the euro to 4.8843/8907 from 4.8993/9058 and increased vis-a-vis the Japanese yen to 3.7855/7905 from 3.7877/7921.- The Edge Market