KUALA LUMPUR, Feb 22 -- The ringgit slipped further against the greenback at the close today, in line with other Asian currencies, after US Treasury yields rose due to stronger purchasing managers' index data in the United States, said SPI Asset Management managing director Stephen Innes.
At 6pm, the local note depreciated to 4.4420/4460 versus the greenback from Tuesday’s close of 4.4310/4345. "The same story has been driving Asian currencies weaker, primarily with the market thinking the hotter run of US inflation and economic data will force the US Federal Reserve’s hand to keep interest rates higher for longer,” he told Bernama.
Innes said with energy prices falling again,"this is another negative impact for the ringgit.”At press time, the benchmark Brent crude oil price fell 1.55 per cent to US$81 per barrel.The local unit slipped against the Japanese yen to 3.2935/2968 from 3.2910/2938 at Tuesday’s close and eased vis-a-vis the Singapore dollar to 3.3157/3189 from 3.3117/3148 yesterday.
It also slid versus the euro to 4.7258/7301 from 4.7230/7267 and dropped against the British pound to 5.3655/3703 from 5.3531/3573 previously. — Bernama