Oil remains a weak link for local note at below US$40 per barrel. FMTNews
KUALA LUMPUR: The ringgit eased against the US dollar at the opening today on profit-taking activities and weaker oil price, said an analyst.
“Still, there are nascent signs investors are back on the hunt for yield expecting economies around the world to recover. This has triggered a reduction in long US dollar hedges across the emerging market, while investors are buying yield with more purpose benefiting the ringgit on the edges. The ringgit is not considered a high yielder per se,” he said in a note today.
Innes added with Bank Negara Malaysia expected to cut interest rates by another 50 basis point, the Malaysian government securities bonds were garnering some interest from foreign buyers despite the poor optics a weaker yuan effect that is sullying the regional currency landscape.
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