Ringgit Up Against Major Currencies But Eases Vs Greenback Amid US-China Trade Tensions

KUALA LUMPUR, Oct 14 -- The ringgit slipped further against the US dollar at the close on Tuesday as investors turned to the greenback to hedge against market volatility amid escalating trade tensions between the United States and China.

At 6 pm, the local note eased to 4.2305/2355 against the US dollar from Monday’s close of 4.2265/2295.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY index climbed 0.08 per cent to 99.347 points.

“Investors remained wary of the state of trade (between the United States and China) and the ongoing US government shutdown. It is increasingly difficult to assess the macroeconomic condition in the US in the absence of key data points. It appears that until the government shutdown is resolved, the US dollar will continue to be in a favourable condition,” he added.

Trump has said the United States will impose a 100 per cent tariff on imports from China, along with restrictions on US tech exports, starting Nov 1, 2025, or sooner, depending on China’s response to trade issues.

The ringgit mostly strengthened against a basket of major currencies.

It rose against the euro to 4.8879/8937 from 4.9006/9041 at yesterday’s close, strengthened against the British pound to 5.6118/6184 from 5.6369/6409, but edged lower versus the Japanese yen to 2.7808/7843 from 2.7775/7796.

Against ASEAN currencies, the ringgit also closed mostly higher.

It appreciated versus the Thai baht to 12.8975/9182 from 12.9878/13.0030, ticked up against the Singapore dollar to 3.2512/2553 from 3.2562/2587, and improved against the Indonesian rupiah to 254.8/255.2 from 255.0/255.3 previously.

The local note traded flat versus the Philippine peso at 7.26/7.27 from 7.26/7.26.

-- BERNAMA