KUALA LUMPUR, April 15 — The ringgit continued to weaken today in line with the general US dollar drift as US Treasury yields shifted higher, said an analyst.

At 6pm, the local note eased to 4.2330/2380 against the greenback from 4.2305/2330 at Thursday’s close.

SPI Asset Management managing partner Stephen Innes said this came after New York Federal Reserve (Fed) president John Williams, a more dovish Fed member, suggested a 50-basis point interest rate increase, which prompted some investors and economists to conclude that inflation might have peaked.

Two- and 30-year US Treasury yields rose by more than 10 basis points each, while the spread between two- and 10-year yields steepened to 37 basis points.

As for the oil market, benchmark Brent crude was trading 2.68 per cent higher at US$111.7 per barrel. However, it failed to lend support for the local currency vis-a-vis the greenback.

Meanwhile, the ringgit was traded higher against a basket of major currencies.

It appreciated against the Singapore dollar to 3.1198/1242 from 3.1238/1258 on Thursday and strengthened versus the Japanese yen to 3.3465/3510 from 3.3744/3767 previously.

The local currency increased vis-a-vis the British pound to 5.5308/5374 from 5.5580/5613 yesterday and firmed against the euro to 4.5776/5830 from 4.6180/6207. — Bernama