RINGGIT ENDS FIRMER AGAINST US DOLLAR

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, May 10 (Bernama) -- The ringgit ended slightly firmer against the US dollar today on improving risk appetite, said an analyst.

At 6 pm, the ringgit edged up to 4.7385/7410 versus the greenback from Thursday’s close of 4.7395/7425.

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An analyst said the fall in the US Treasury yields supported the local currency today.

“The 10-year US Treasury yield slid to 4.45 per cent on May 9 from 4.48 per cent on May 8, which influenced the movement of the greenback,” he told Bernama. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said US Treasury yields took a breather on Friday as traders digested the spike in US initial jobless claims to 231,000 last week from 209,000 in the previous week. 

“This suggests that the labour market in softening, renewing hope for a US rate cut to occur this year. While risky assets such as equities did rally while the US Treasury yields fell, the US dollar was still very much well supported,” he told Bernama. 

At the close, the ringgit traded lower against a basket of major currencies.

It depreciated versus the Japanese yen to 3.0428/0446 from Thursday’s close of 3.0401/0422, fell vis-a-vis the British pound to 5.9364/9395 from 5.9177/9215 yesterday, and edged down against the euro to 5.1072/1098 from 5.0855/0887 previously.

The local note traded mixed against ASEAN currencies.

The ringgit fell against the Singapore dollar to 3.5017/5038 from 3.4939/4964 at Thursday’s close and slipped against the Thai baht to 12.9009/9137 from 12.8303/8436 previously.

However, the local note inched up vis-a-vis the Indonesian rupiah to 295.2/295.6 from 295.3/295.6 yesterday and was firmer against the Philippine peso at 8.25/8.26 compared with 8.26/8.27 previously.

-- BERNAMA