Ringgit Opens Easier As Market Anticipates Softer US Tariff Stance

By Harizah Hanim Mohamed

KUALA LUMPUR, April 24 (Bernama) -- The ringgit opened lower against the US dollar on Thursday, tracking gains in the US dollar index (DXY), as markets responded to signs that President Donald Trump may be softening his stance on tariff policy.

At 8 am, the local unit stood at 4.3970/4100 against the greenback, slightly easier than Wednesday’s close of 4.3880/3925.

The DXY rose 0.95 per cent to 99.857 points, while the two-year US Treasury yield climbed five basis points to 3.87 per cent.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said markets reflected a sense of relief as the Trump administration signalled it might ease tariffs on Chinese imports.

He said the move was seen as an effort to bring China back to the negotiating table, though uncertainty surrounding trade policy remained elevated.

“On that note, the US dollar-ringgit might trade within a range of RM4.39 to RM4.40 today,” he said.

Back home, the ringgit strengthened against a basket of major currencies.

It rose against the Japanese yen to 3.0701/0796 from 3.0925/0959 at Wednesday’s close, gained on the British pound to 5.8317/8490 from 5.8457/8517, and advanced versus the euro to 4.9805/9952 from 5.0102/0154.

Against regional currencies, the ringgit traded mixed.

It firmed against the Singapore dollar to 3.3478/3515 from 3.3523/3579, and strengthened versus the Thai baht to 13.0922/1403 from 13.1251/1457.

However, it eased against the Philippine peso to 7.77/7.80 from 7.75/7.77 and slipped slightly against the Indonesian rupiah to 260.5/261.5 from 260.0/260.5.

-- BERNAMA