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Dollar rises against emerging currencies as risk sentiment recedes

On Tuesday, the greenback rose against riskier, but higher-yielding, emerging units. However, the US unit traded lower against the yen and the euro, fetching 117.52 yen from 117.77 yen Monday in New York, and trading at $1.0875 per euro from $1.0858 in US trade.

The Japanese currency, traditionally considered a safe haven in times of turmoil and uncertainty, has risen more than two percent against the greenback so far this year.

The Malaysian ringgit led declines against the dollar, falling 0.40 percent, as analysts warned the currency could weaken further on the back of the continuing slump in oil prices.

Malaysia is Asia’s only major net petroleum exporter.

“Falling crude oil prices and uncertainty involving the slowdown in China are weighing on the ringgit,” Zulkiflee Mohd. Nidzam, head of foreign exchange and bond trading Asian Finance Bank in Kuala Lumpur, told Bloomberg News.

“If these persist, the ringgit could weaken further to 4.45 a dollar in the near term.”

Crude slipped below $31 for the first time in more than 12 years on signs key producer Iran could be allowed to export the commodity within weeks as Western countries prepare to lift embargoes after a deal over Tehran’s nuclear programme.

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