KUALA LUMPUR – The ringgit opened marginally higher against the US dollar this morning with further attempts expected to break below the RM4.40 level as traders and investors observe the next move in respect to US tariffs.
At 8am, the ringgit strengthened to 4.4060/4275 from 4.4080/4110 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that the tariff imposition appears to be a measured rather than broad-based approach, which the market may find acceptable to maintain a risk-on sentiment.
“However, market conditions remain fluid, and a tougher stance on tariffs by the US could quickly shift sentiment towards risk aversion,” he told Bernama.
Meanwhile, the ringgit was traded higher against major currencies.
It rose against the Japanese yen to 2.9387/9532 from 2.9471/9495, strengthened against the British pound to 5.5591/5862 from 5.5704/5742 and rose against the euro to 4.6096/6321 from 4.6156/6188.
The ringgit was also trend positive against Asean currencies.
It appreciated against the Singapore dollar to 3.2895/3061 from 3.2950/2975, improved against the Thai baht at 13.1338/2046 from 13.1508/1672 at yesterday’s close.
The local note was almost flat against the Indonesian rupiah at 270.6/272.1 from 270.7/271.1 chalked up at yesterday’s closing and was almost unchanged against the Philippine peso at 7.62/7.66 compared to yesterday’s 7.62/7.63. – February 25, 2025