Ringgit Ends Lower Against US Dollar, Higher Against Other Major Currencies

By Abdul Hamid A Rahman

KUALA LUMPUR, Sept 26 (Bernama) -- The ringgit ended weaker against the greenback on Friday as the US interest rate outlook remained cloudy and as US President Donald Trump ramped up his trade war with the world via more tariff announcements.

At 6 pm, the local note fell to 4.2200/2250 against the greenback compared with Thursday’s close of 4.2085/2120.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said traders remained cautious due to the lack of clear guidance from the US Federal Reserve (Fed) on interest rates.

Trump has announced, in addition to the broad reciprocal tariffs already imposed globally, new duties on specific products, including drugs, heavy trucks, and furniture, that will take effect from Oct 1.

“Erratic policy statements from Trump have further clouded the outlook, making it difficult for investors to form firm opinions and trading positions,” Mohd Afzanizam told Bernama.

He noted that the local note hovered in a tight range today, trading between RM4.2193 and RM4.2288 against the greenback.

Also in focus today is the release of the US Personal Consumption Expenditures (PCE) inflation data later tonight, the Fed’s preferred gauge of inflation.

At the close, the ringgit traded higher against a basket of major currencies.

It strengthened against the Japanese yen to 2.8171/8206 from 2.8283/8308, bounced against the British pound to 5.6345/6412 from 5.6600/6647, and gained against the euro to 4.9281/9340 from 4.9429/9470 yesterday.

The local note was traded mixed against ASEAN currencies.

It appreciated against the Thai baht to 13.0587/1069 from 13.0959/1133, and improved slightly versus the Singapore dollar to 3.2630/2671 from 3.2662/2692 previously.

However, it slipped against the Indonesian rupiah to 252.1/252.5 from 251.2/251.5, and eased against the Philippine peso to 7.25/7.27 compared with 7.24/7.25 yesterday.

-- BERNAMA