Ringgit weakens against dollar on surging US bond yields

KUALA LUMPUR (March 5): The ringgit opened lower versus the US dollar today as the greenback strengthened, supported by surging US bond yields, dealers said.

At 9.03am, the local currency had slipped to 4.0680/0730 against the US dollar from 4.0550/0600 at yesterday’s close.

Axi chief global market strategist Stephen Innes said other emerging currencies were also reeling after the US bonds broke above the 1.5% perceived speed limit.

“But oil prices, which rose higher by over 4% after the Organization of the Petroleum Exporting Countries (OPEC) held production in check, are a mitigating factor and could hold the local note’s losses in check,” he told Bernama.- The Edge Market