Weak China sentiment may drag ringgit down

KUALA LUMPUR: The ringgit opened lower against the US dollar today as the greenback strengthened following higher US Treasury yields, said analysts.

“The US dollar is trading firmer across the board due to lower-than-expected US jobless claims that pushed US yields higher, increasing the chance of an additional Federal Reserve rate hike beyond July. “As markets anticipate less growth but more easing in China, this could weaken the Chinese yuan and drag the ringgit down given the close correlation of the local unit and the Chinese yuan,” SPI Asset Management managing director Stephen Innes told Bernama.

At 9am, the local note slipped to 4.5520/4.5555 against the greenback from 4.5400/4.5465 at Thursday’s close.It improved vis-a-vis the euro to 5.0696/5.0735 from 5.0902/5.0975 yesterday, rose against the British pound to 5.8612/5.8657 from 5.8630/5.8714 and gained versus the Japanese yen to 3.2519/3.2546 from 3.2540/3.2589 previously.The ringgit eased vis-a-vis the Philippine peso to 8.33/8.35 from 8.32/8.34 on Thursday but increased versus the Singapore dollar to 3.4311/3.4342 from 3.4324/3.

It rose against the Thai baht to 13.2847/13.3019 from 13.3525/13.3780 but slid against the Indonesian rupiah to 303.7/304.1 from 302.9/303.5 on Thursday.

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