Ringgit Strengthens Against USD Amid Easing Treasury Yields and Softer Greenback

The ringgit opened higher against the US dollar on Wednesday due to a softer greenback and easing US Treasury yields, said an analyst.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that long-term US Treasury bond yields remain in the limelight with the 30-year US Treasury securities yield declining by six basis points to 5.17 per cent.

This led to a decline in the US Dollar Index (DXY) by 0.10 per cent to 98.905 points, which could be supportive of the ringgit, according to Dr Afzanizam.