#Ringgit traded higher against major currencies on the back of higher US Treasury yields to move even higher.

Malaysia: The ringgit opened easier against the US dollar today on the back of higher US Treasury yields, a dealer said. At 9.25 am, the local unit was quoted at 3.9060/9090 from 3.8965/8995 recorded at Monday’s close.

OANDA Head of Trading Asia-Pacific, Stephen Innes said Malaysian local bonds continued to sell off throughout yesterday’s session, around weakening risk sentiment embracing the upcoming general elections and rising US Treasury yields.

“The Malaysian bond market look poised to continue declining ahead of the elections and even more so, as US Treasury yields look poised to move even higher,” he told Bernama.

Innes said despite the long-term supportive underlying structure from higher oil prices, the short-term election drivers and a broadly stronger greenback will continue to put downward pressure on the ringgit, near term.

“We could see a test of the critical RM3.90 per dollar level,” he added.

The ringgit traded higher against a basket of major currencies.Against the Singapore dollar, it rose to 2.9433/9473 from 2.9452/9481 and appreciated versus the yen to 3.5884/5915 from 3.6005/6043.

The ringgit improved to 5.4387/4433 from 5.4411/4464 vis-a-vis the British pound and advanced to 4.7630/7678 from 4.7658/7706 when compared with the euro.

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