Ringgit extends decline against US dollar

KUALA LUMPUR: The ringgit extended its decline against the US dollar today in line with other Asian currencies due to a strengthening greenback as investors were cautious about the trade negotiations development between the US and China, described as 'difficult', said a dealer.
At 6pm, the local unit was quoted at 3.9700/9740 from 3.9670/9710 recorded at Thursday's close.
Oanda Head of Trading in Asia-Pacific Stephen Innes said the advancing US dollar was also helped by the higher benchmark 10-year US Treasury yield which hit a seven-year high of 3.122% on Thursday.
He said the ringgit's lower performance was however cushioned by the increase in oil prices, with benchmark Brent crude trading at 0.48% firmer at US$79.68 per barrel.
Meanwhile, the local note traded higher against a basket of major currencies.
The ringgit rose against the Singapore dollar to 2.9523/9557 from 2.9558/9599 and versus the yen, it increased to 3.5769/5815 from 3.5836/5878 on Thursday.
The local note appreciated against the British pound to 5.3516/3577 from 5.3543/3612 and improved against the euro to 4.6751/6806 from 4.6815/6878. — Bernama