Ringgit extends decline against US dollar

At 6pm, the ringgit was quoted at 3.9700/9740 from 3.9670/9710 recorded at yesterday's close. — Reuters pic
At 6pm, the ringgit was quoted at 3.9700/9740 from 3.9670/9710 recorded at yesterday's close. — Reuters pic

KUALA LUMPUR, May 18 ― The ringgit extended its decline against the US dollar today in line with other Asian currencies due to a strengthening greenback as investors were cautious about the trade negotiations development between the US and China, described as “difficult”, said a dealer.

At 6pm, the local unit was quoted at 3.9700/9740 from 3.9670/9710 recorded at yesterday's close.

OANDA Head of Trading in Asia-Pacific Stephen Innes said the advancing US dollar was also helped by the higher benchmark 10-year US Treasury yield which hit a seven-year high of 3.122 per cent yesterday.

He said the ringgit’s lower performance was however cushioned by the increase in oil prices, with benchmark Brent crude trading at 0.48 per cent firmer at US$79.68 per barrel.

Meanwhile, the local note traded higher against a basket of major currencies.

The ringgit rose against the Singapore dollar to 2.9523/9557 from 2.9558/9599 and versus the yen, it increased to 3.5769/5815 from 3.5836/5878 yesterday.

The local note appreciated against the British pound to 5.3516/3577 from 5.3543/3612 and improved against the euro to 4.6751/6806 from 4.6815/6878. ― Bernama

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