Ringgit Trades Lower Against USD Amid Bond Yield Concerns

The Malaysian ringgit continued to trade lower against the US dollar on Wednesday but strengthened against the British pound and euro amidst rising global bond yields and concerns over elevated government debt levels.

The currency was quoted at 4.0435/0475 against the US dollar, compared with yesterday's close of 4.0370/0410.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, rising bond yields remain a main focus, particularly in developed markets.

The market was closed on Monday for the Merdeka Day celebration and traders and investors were perplexed in seeking refuge in choosing the right asset class.