Ringgit ends lower as traders await tariff clarity
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% to 15%, could spark expectations of further bilateral deals, potentially involving Malaysia.
'If that happens, it could boost demand for the ringgit,' he said.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1% to RM4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5% week-on-week gain.
At 6pm, the local note eased to 4.2195/4.2245 versus the greenback from yesterday's close of 4.2135/4.2210.
However, the ringgit was firmer against a basket of major currencies.
It rose against the Japanese yen to 2.8529/2.8565 from 2.8751/2.8804 yesterday, appreciated versus the British pound to 5.6786/5.6853 from 5.7080/5.7182, and edged higher against the euro to 4.9507/4.9566 from 4.9517/4.9605.
Against regional peers, the ringgit was mostly higher, except for a flat performance against the Indonesian rupiah at 258.5/258.9, almost unchanged from 258.5/259.1 previously.
It gained against the Singapore dollar at 3.2937/3.2978 from 3.2995/3.3057, rose versus the Thai baht to 13.0268/13.0478 from 13.0570/13.0863, and firmed against the Philippine peso to 7.38/7.40 from 7.43/7.45.
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