Ringgit Ends Lower Versus Greenback As Traders Await Tariff Clarity
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, July 25 (Bernama) -- The ringgit ended lower against the US dollar on Friday, as some investors locked in profits following recent gains, amid lingering uncertainty over the timing of potential Malaysia-United States (US) tariff discussions.
At 6 pm, the local note eased to 4.2195/2245 against the greenback, compared with Thursday's close of 4.2135/2210.
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However, the ringgit was firmer against a basket of other major currencies.
SPI Asset Management, managing partner Stephen Innes told Bernama that in the absence of fresh catalysts, investors turned to profit-taking, while the stronger greenback globally left the ringgit more exposed.
Still, he noted that Japan's recent trade agreement with the US – which included a reduction in auto tariffs from 25 per cent to 15 per cent – could spark expectations of further bilateral deals, potentially involving Malaysia.
'If that happens, it could boost demand for the ringgit,' he said.
Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1 per cent to 4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5 per cent week-on-week gain.
At the close here, the ringgit strengthened against most major currencies.
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