KUALA LUMPUR: The ringgit maintained its position to close slightly higher against the US dollar on Monday, despite pressures from a robust greenback driven by increasing US bond yields.

According to BERNAMA News Agency, the ringgit appreciated to 4.4645/4700 against the US dollar by the end of trading, compared to the previous close of 4.4680/4750 on Friday. This performance occurred as yields on 10-year US Treasuries approached eight-month highs at 4.631%.

SPI Asset Management managing partner Stephen Innes expressed uncertainty about the future of the local currency. He highlighted potential volatility due to uncertainties in American trade policies and the US Federal Reserve’s policies leading into 2025. Innes emphasized that the Fed’s monetary direction could significantly depend on the policy framework of the subsequent White House administration.

While the ringgit strengthened against the Japanese yen, closing at 2.8278/8314 from the previous 2.8300/8346, it faced declines against other major currencies. It fell against the British pound to 5.6146/6215 from 5.5904/5991 and depreciated against the euro, closing at 4.6583/6640 compared to Friday’s 4.6543/6616.

In the ASEAN region, the ringgit exhibited mixed results. It weakened against the Singapore dollar, slipping to 3.2890/2935 from 3.2846/2900, and also fell against the Indonesian rupiah, ending at 276.5/277.0 from 275.4/276.1. Conversely, the currency strengthened when compared to the Thai baht, improving to 13.0905/1139 from 13.1023/1289, and gained against the Philippine peso, closing at 7.70/7.72 from the previous 7.72/7.74.