• The ringgit remained lower against the US dollar - 09/03/2021

    KUALA LUMPUR - The ringgit continued to depreciate against the US dollar when it opened on Tuesday on stronger buying support for the developed nation's currency driven by higher returns from US bonds, analysts said.

    At 9 a.m., the local unit slipped to 4.1180/1230 against the U.S. dollar from 4.1050/1100 when it closed on Monday.

    Axi's Chief Global Market Strategist Stephen Innes said returns from the 10-year U.S. Treasury remained resilient with an increase of about 1.6 percent as the country made progress toward the Covid-19 aid package and a $ 1.9 trillion economic stimulus plan.

    The ringgit, which is also dependent on crude oil price movements, was also affected by reports of drone strikes on Saudi Arabia's oil infrastructure. The news reported the attack, however, did not result in any property loss.

Brent crude oil prices fell back to $ 68 a barrel, down about one percent after posting an initial two percent rise on Monday.

Currently, Brent crude is trading at US $ 68.41 a barrel.

Meanwhile, the ringgit was also traded mostly lower against major currencies.

The local unit was lower against the Singapore dollar at 3.0479/0520 from 3.0434/0478 when it closed on Monday, but rose against the Japanese yen to 3.7752/7805 from 3.7810/7859.

The ringgit depreciated against the British pound to 5.6882/6967 from 5.6772/6850 on Monday and weakened against the euro to 4.8769/8833 from 4.8730/8802. - Named