Ringgit Ends Lower Against Greenback On US Tariff Concerns

By Abdul Hamid A Rahman

KUALA LUMPUR, Jan 28 (Bernama) -- The ringgit closed lower against the US dollar today, pressured by subdued global risk sentiment and ongoing developments in United States tariffs, said SPI Asset Management managing partner Stephen Innes.

At 6 pm, the ringgit weakened to 4.3905/3980 against the greenback, down from Monday’s close of 4.3760/3825.

Innes said reports revealed US Treasury Secretary Scott Bessent’s proposal for phased tariffs starting at 2.5 per cent, unsettling markets.

“The phased approach softens the immediate dollar surge and gives economies room for negotiation,” he told Bernama.

Although Malaysia is not directly targeted, its economic reliance on China poses a risk.

“Traders are evaluating how much of the tariff plan is priced in and whether the dollar’s strength will persist,” he added.

At the close, the ringgit traded mostly higher against other major currencies.  

It gained against the Japanese yen at 2.8242/8292 from 2.8313/8357 and strengthened against the euro at 4.5819/5898 from 4.5900/5968 on Monday.  

However, it edged lower against the British pound to 5.4653/4746 from 5.4643/4724 previously.  

The ringgit was mixed against ASEAN currencies.  

It rose against the Singapore dollar to 3.2481/2542 from 3.2518/2569 and firmed against the Thai baht to 12.9437/9727 from 12.9840/13.0110.  

Conversely, it weakened against the Indonesian rupiah to 271.5/272.0 from 270.6/271.0 and slipped against the Philippine peso to 7.51/7.53 from 7.48/7.50.  

-- BERNAMA