BERNAMA – The Malaysian ringgit opened marginally higher against the United States (US) dollar yesterday morning with further attempts expected to break below the MYR4.40 level as traders and investors observe the next move in respect to US tariffs.
At 8am, the Malaysian ringgit strengthened to 4.4060/4275 from 4.4080/4110 at Monday’s close.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid noted that the tariff imposition appears to be a measured rather than broad-based approach, which the market may find acceptable to maintain a risk-on sentiment.
“However, market conditions remain fluid, and a tougher stance on tariffs by the US could quickly shift sentiment towards risk aversion,” he told Bernama.
Meanwhile, the ringgit was traded higher against major currencies.
It rose against the Japanese yen to 2.9387/9532 from 2.9471/9495, strengthened against the British pound to 5.5591/5862 from 5.5704/5742 and rose against the euro to 4.6096/6321 from 4.6156/6188.
The ringgit was also trend positive against ASEAN currencies.
It appreciated against the Singapore dollar to 3.2895/3061 from 3.2950/2975, improved against the Thai baht at 13.1338/2046 from 13.1508/1672 at Monday’s close.
The Malaysian note was almost flat against the Indonesian rupiah at 270.6/272.1 from 270.7/271.1 chalked up at Monday’s closing and was almost unchanged against the Philippine peso at 7.62/7.66 compared to Monday’s 7.62/7.63.
