Ringgit Ends Higher Against US Dollar Amid Tariff, US-Iran Deal Uncertainty
By Zufazlin Baharuddin
KUALA LUMPUR, Feb 26 (Bernama) -- The ringgit closed higher against the US dollar on Thursday amid uncertainty over US tariff policy and US-Iran talks.
At 6 pm, the ringgit rose to 3.8865/8925 versus the greenback from yesterday’s close of 3.8900/8955.
US Trade Representative Jamieson Greer was reported to say that the US tariff rate for some countries will increase to 15 per cent or higher from 10 per cent. However, he did not name any specific trading partner.
Meanwhile, US and Iranian officials are in Geneva, Switzerland, today for a third round of indirect nuclear talks.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said event risk related to the US-Iran nuclear talks is something that market players would pay close attention to.
“Traders seem indecisive now and it appears that the ringgit is forming its base level around RM3.88 to RM3.89 (to the US dollar), which is closer to its immediate support level of RM3.8722,” he told Bernama.
At the close, the ringgit traded mostly higher against a basket of major currencies.
It rose versus the euro to 4.5853/5924 from 4.5855/5920 at Wednesday’s close and edged up vis-a-vis the British pound to 5.2573/2654 from 5.2585/2659 yesterday. However, it weakened against the Japanese yen to 2.4902/4942 from 2.4848/4885 previously.
The local note traded mostly lower against its ASEAN peers.
The ringgit was edged down versus the Singapore dollar to 3.0755/0805 from 3.0736/0782 at yesterday’s close, slipped against the Indonesian rupiah to 231.9/232.3 from 231.5/231.9 on Wednesday, and weakened vis-a-vis the Thai baht to 12.5169/5435 from 12.5121/5374 previously.
However, it strengthened versus the Philippine peso to 6.74/6.76 from 6.76/6.78 yesterday.
-- BERNAMA