Ringgit opens marginally higher against US dollar on buying interest

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KUALA LUMPUR, June 23 — The ringgit opened marginally higher against the US dollar today on renewed buying interest amid slightly easing demand for the greenback due to softer US...

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KUALA LUMPUR, June 23 — The ringgit opened marginally higher against the US dollar today on renewed buying interest amid slightly easing demand for the greenback due to softer US Treasury yields, said an analyst.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the yields on the two-year and 10-year US Treasury fell by 14 and 12 basis points to close at 3.06 per cent and 3.16 per cent, respectively, and this should offer the beleaguered ringgit some relief today. Meanwhile, he said the United States Federal Reserve is adamant about bringing down the inflation rate to its target level of 2.0 per cent although this might cause the economy to go into a recession.

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