At 9.18 am, the local note was pegged at 4.4350/4380 versus the greenback from Monday’s closing rate of 4.4200/4250. theSun theSundaily ringgit USdollar currency Malaysia business
: The ringgit continued to slide against the US dollar in the early session today as the local currency remained in an overbought position ahead of an expected rise in US interest rates in May, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit would likely stay weak today, possibly around RM4.42 to RM4.43 versus the greenback as technical indicators indicated the ringgit was at an overbought condition. Mohd Afzanizam said US Treasury yields were higher with the interest rate-sensitive two-year yield rising more than nine basis points to 4.19 per cent on anticipation that the US Federal Reserve will resume tightening interest rates in May when it next meets.
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