Ringgit ends higher against US$, other major currencies on Malaysia-US trade deal optimism
The local note also traded higher versus the US dollar for the fifth consecutive day.
At 6 pm, the ringgit rose to 4.2135/2210 against the greenback from Wednesday's close of 4.2255/2300.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia is actively engaging in discussions with the US over the impending 25 per cent tariff rate set to take effect on Aug 1, aiming to secure a rate below 20 per cent.
SPI Asset Management managing partner Stephen Innes said regional tailwinds further lifted sentiment after US President Donald Trump concluded a trade deal with Japan on Tuesday, which included reducing tariffs on the import of Japanese goods into the US to 15 per cent from 25 per cent.
"These developments are fuelling hopes that Washington's broader tariff strategy is shifting from confrontation to compromise.
"Against this backdrop, investors see Malaysia as a likely beneficiary of the next wave of bilateral deals,' he told Bernama.
Innes added that the ringgit's recent gains may signal its potential to benefit from improved trade conditions following the US-Japan agreement.
At the close, the ringgit was higher against a basket of major currencies.
It advanced against the Japanese yen to 2.8751/8804 from 2.8837/8870, rose against the British pound at 5.7080/7182 from 5.7230/7291 and inched up against the euro to 4.9517/9605 from 4.9586/9639.
The local note was firmer against regional peers, except the Philippine peso.
It increased vis-à-vis the Singapore dollar to 3.2995/3057 from 3.3071/3109, appreciated against the Thai baht to 13.0570/0863 from 13.1370/1567 and improved versus the Indonesian rupiah to 258.5/259.1 from 259.1/259.5.
However, the local note traded slightly lower against the Philippine peso, at 7.43/7.45, compared to 7.42/7.44 at yesterday's close. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
4 minutes ago
- The Sun
Electric air taxis in Japan by 2027 with ANA and Joby Aviation
TOKYO: Airline ANA announced plans to introduce electric air taxis in Japan as early as 2027. The initiative is a collaboration with US-based Joby Aviation. The joint venture aims to deploy over 100 five-seater aircraft for urban mobility. ANA President Koji Shibata called the project a revolution in air travel. Each aircraft will carry a pilot and four passengers at speeds up to 200 mph. The service could drastically reduce travel time between Tokyo and Narita. Currently, the journey by car or train takes about an hour. The air taxi could shorten it to just 15 minutes. ANA has not yet disclosed pricing but aims to make the service affordable. A public demonstration is scheduled for October at the Osaka Expo. Joby Aviation CEO JoeBen Bevirt praised Japan as an ideal launchpad for air mobility innovation. The aircraft operates quietly with zero emissions. The project initially focuses on routes between Narita, Haneda, and Tokyo. Future expansion could include additional destinations. Joby's design allows vertical takeoff like a helicopter before transitioning to forward flight. This reduces noise and environmental impact. The announcement follows setbacks in the industry, including Volocopter's insolvency filing. The German startup had aimed for a 2025 launch. Volocopter faced delays after failing to secure engine certification in time for Paris Olympics test flights. The market remains competitive despite challenges. – AFP
Barnama
23 minutes ago
- Barnama
Sultan Ibrahim Visits Russia's Leading Automotive Research Centre In Moscow
GENERAL From Noor Farhana Ahmad Norain MOSCOW, Aug 7 (Bernama) -- His Majesty Sultan Ibrahim, King of Malaysia, today visited the Central Scientific Research Automobile and Automotive Engines Institute (NAMI) here to observe advancements in Russian automotive technology. Upon arrival, His Majesty was received by NAMI chief executive officer Fedor Nazarov. Also present were Defence Minister Datuk Seri Mohamed Khaled Nordin, who is also the Minister-in-Attendance, Foreign Ministry secretary-general Datuk Seri Amran Mohamed Zin, and Malaysian Ambassador to Russia Datuk Cheong Loon Lai. The visit began with a briefing by Nazarov and a video presentation on NAMI, a premier Russian scientific and engineering institute established in 1918 as the country's first automobile research laboratory. Today, NAMI is among Europe's largest automotive testing centres, with laboratory facilities, test tracks, and a special zone for autonomous vehicles. Among its key projects is the development of the AURUS luxury vehicle range, designed and manufactured at NAMI facilities. His Majesty showed keen interest in the institute's operations, vehicle models and production processes, posing various questions throughout the visit. Sultan Ibrahim later toured the showroom with Russian Deputy Minister of Industry and Trade Albert Karimov, before visiting the assembly plant.
The Star
34 minutes ago
- The Star
FMM calls for clear guidance, support measures following proposed US tariff on semiconductors
KUALA LUMPUR: Clear and timely guidance is crucial to maintaining investor confidence and preventing disruptions to supply chains that are integrated with the United States and global markets, according to the Federation of Malaysian Manufacturers (FMM). The federation said targeted support measures are needed, including regulatory facilitation, specialised advisory services, bilateral engagements to ease market entry barriers, and access to financing mechanisms that reduce investment risks and costs. At the policy level, FMM urged the government to strengthen support for both domestic and outward investment strategies to ensure Malaysia's continued competitiveness in the global semiconductor industry. "The National Semiconductor Strategy, which is currently being implemented, must be driven forward with greater urgency and focus, particularly in enhancing investment in integrated circuit design, advanced packaging, wafer fabrication, research and development, and talent development. "In parallel, companies considering expansion into the US or other markets require dedicated facilitation to support their internationalisation efforts,' it said in a statement today. FMM also expressed concern over the recent announcement by the US to impose a 100 per cent tariff on imported semiconductor chips, with exemptions only for companies that manufacture or plan to manufacture within the US. This development has created uncertainty for semiconductor companies operating in Malaysia, particularly US-based firms that have long used the country as a trusted base for global supply and exports to the US market. FMM noted that establishing operations abroad is complex and capital-intensive, requiring time, expertise, and sustained institutional support. Therefore, it stressed that these support measures are critical to help Malaysian manufacturers respond effectively to shifting global trade dynamics without being forced to relocate core operations. With the right support, FMM said companies can retain and grow high-value activities in Malaysia while also expanding strategically where necessary. It also reaffirmed its commitment to working closely with the government and international partners to ensure that Malaysia's position as a competitive, reliable, and trusted hub in the global semiconductor and manufacturing ecosystem is not only preserved but continuously strengthened. Malaysia is globally recognised as a leading hub for semiconductor assembly, packaging, and testing, contributing an estimated 13 per cent of global backend semiconductor output. Semiconductors were previously excluded from US reciprocal tariffs, and the proposed policy shift has raised immediate concerns among manufacturers, many of whom are seeking urgent clarification on whether their Malaysia-based operations will now fall within the scope of the new measure. - Bernama
