KUALA LUMPUR, May 31 — The ringgit retreated from yesterday’s gain to end lower against the US dollar today on higher United States (US) Treasury yield, despite the increasing oil price, said an analyst.
At 6pm, the local currency declined to 4.3755/3780 versus the US dollar from yesterday’s close of 4.3640/3685.
OANDA Asia Pacific senior market analyst Jeffrey Halley said the US dollar gained strength and experienced a modest short rally after US Treasury yields ticked higher.
“The US dollar is also rising versus the Asian currencies today after the European Union (EU) leaders reached an agreement on the Russian oil ban.
“At this stage, it looks corrective, and we will have to wait until the next US session for more direction,” he told Bernama.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
The local note rose against the Singapore dollar to 3.1929/1949 from yesterday’s close of 3.1940/1976 and increased vis-a-vis the Japanese yen to 3.4202/4222 from 3.4289/4327 previously.
It moved higher versus the British pound to 5.5144/5176 from 5.5192/5248 yesterday and improved versus the euro to 4.6923/6950 from 4.6978/7027 previously. — Bernama
