KUALA LUMPUR: The ringgit held firm to close higher against the US dollar yesterday despite a strong greenback underpinned by elevated US bond yields.At 6pm, the ringgit rose to 4.4645/4700 against the greenback, compared with last Friday’s close of 4.4680/4750.
Yields on 10-year US Treasuries were near eight-month highs at 4.631%.
SPI Asset Management managing partner Stephen Innes said the outlook of the local currency is uncertain for now.
“There are uncertainties surrounding American trade policies and the US Federal Reserve’s (Fed) stance for 2025. Much of the Fed’s monetary direction will hinge on the policy framework of the next US administration,” he told Bernama.
The ringgit closed mostly lower against other major currencies.
It appreciated against the Japanese yen to 2.8278/8314 from last Friday’s close of 2.8300/8346 but slipped against the British pound to 5.6146/6215 from 5.5904/5991 and was lower against the euro at 4.6583/6640 from 4.6543/6616.
