KUALA LUMPUR, July 4 — The ringgit extended its uptrend momentum against the US dollar for the second consecutive day today as the weaker sentiment for the greenback fuelled appetite for other save havens and emerging currencies, a dealer said.
At 6pm, the local currency stood at 4.1310/1350 versus the greenback compared with yesterday’s close of 4.1350/1380.
The US dollar stumbled on market expectation that the Federal Reserve might cut interest rates this month, the first time in a decade, following declining treasury yields, the dealer said.
“The US treasury yields have fallen to the lowest in over two-and-a-half years, at this rate I do not think people will buy the currency. Hence, it looks promising for a cut (in the interest rate),” she told Bernama.
She added US President Donald Trump’s overnight statement, blaming China and Europe for playing a “big currency manipulation game”, had also sparked worries in the market over repeated tariff threats by Washington on goods from the European Union.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0458/0492 from 3.0499/0532 on Wednesday and strengthened versus the Japanese yen to 3.8328/8369 from 3.8379/8411.
The local currency also appreciated against the pound to 5.1943/1002 from 5.1973/1035 and increased against the euro to 4.6614/6668 from 4.6672/6722. — Bernama
