Ringgit Slumps Against Dollar Amid Rising US Treasury Yields and Monetary Policy Uncertainty

The Malaysian ringgit declined against the US dollar and other major currencies on Monday, impacted by rising US Treasury yields and uncertainty over US monetary policy.

At 6 pm, the local currency dropped to 4.0935/0975 versus the greenback from last Friday's close of 4.0835/0875.

SPI Asset Management managing partner Stephen Innes noted that investors are shifting their focus to a busy US economic data calendar, including the Job Openings and Labour Turnover Survey (JOLTS), ADP employment data, and nonfarm payrolls report on August 7.

'The upcoming US labour market data will be critical in determining whether the US dollar has further room to weaken,' Innes said.