Ringgit Weakens Against US Dollar Amid Global Bond Yield Concerns

The Malaysian ringgit continued to weaken against the US dollar on Wednesday, but showed some resilience against other major currencies. The currency traded at 4.0435/0475 against the US dollar as of 6 pm local time, down from its previous close of 4.0370/0410. However, it strengthened against the British pound and the euro amid rising global bond yields.

The market was closed on Monday for the Merdeka Day celebration. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the current market focus to rising bond yields in developed markets, particularly.