Ringgit opens higher against US dollar, major currencies

KUALA LUMPUR: The ringgit opened higher against the US dollar and most major currencies on Friday, amid mixed movements in global foreign exchange markets.

At 8 am, the ringgit rose to 4.0810/0865 against the greenback from Thursday’s close of 4.0840/0880.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said movements in US Treasury yields continued to influence market sentiment, with the yield on 30-year US Treasury bonds rising eight basis points to 5.48 per cent, its highest level in two decades.

"The rise in long-term bond yields implies that an inflation risk premium is building up, as heightened geopolitical risks in West Asia could exert upward pressure on crude oil prices.