Ringgit opens higher against us dollar amid tariff policy concerns
Published on: Tuesday, June 03, 2025
Published on: Tue, Jun 03, 2025
By: Bernama Text Size: At 8.03 am, the local note rose to 4.2165/2490 against the greenback from Friday's close of 4.2530/2605. Kuala Lumpur: The Ringgit rebounded to open higher against the US dollar on Tuesday, as markets assessed the outlook for US President Donald Trump's tariff policy, an analyst said. At 8.03 am, the local note rose to 4.2165/2490 against the greenback from Friday's close of 4.2530/2605. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the ringgit was supported by a weaker dollar, driven by renewed US-China trade tensions and concerns over possible new tariffs and taxes from Washington. He said the US Dollar Index (DXY) fell 0.11 per cent to 98.60 points from 99.00 at Friday's close, supporting other currencies as well. 'The comments from Beijing and Washington signal frustration over unmet trade commitments. 'Meanwhile, uncertainty surrounding Trump's proposed Section 899 'revenge tax' in the House-passed reconciliation bill and dovish expectations for the US Federal Reserve continue to weigh on the greenback,' he told Bernama. At the opening, the ringgit traded mixed against a basket of major currencies and ASEAN peers. It appreciated against the British pound to 5.7134/7574 from Friday's close of 5.7284/7385, but weakened versus the Japanese yen to 2.9567/9799 from 2.9531/9585, and slipped against the euro to 4.8270/8643 from 4.8169/8254. Against ASEAN currencies, the ringgit inched up against the Philippine peso to 7.57/7.63 from 7.62/7.64, but slipped versus the Singapore dollar to 3.2808/3066 from Friday's close of 3.2938/3002 and eased against the Indonesian rupiah to 259.4/261.5 from 260.4/261.1. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
34 minutes ago
- The Star
Ringgit eases against the greenback
At 6pm, the local note edged lower to 4.2435/2490 versus the US dollar. KUALA LUMPUR: The ringgit eased against the greenback at the close yester day after the United States posted stronger economic data. At 6pm, the local note edged lower to 4.2435/2490 versus the US dollar from Tuesday's close of 4.2425/2485. Bank Muamalat Malaysia Bhd's chief economist Mohd Afzanizam Abdul Rashid said stronger-than-expected US job openings in April lifted optimism about the American economy's resilience and helped lift the dollar. US job openings rose 191,000 to 7.391 million by the last day of April, beating a forecast of 7.10 million vacancies. SPI Asset Management managing partner Stephen Innes said traders were showing increasing interest in US assets, easing short-term pressure on the dollar. — Bernama
The Star
34 minutes ago
- The Star
Manila's debt hits fresh high in April as govt borrowings rise
Since the beginning of the year, the country's debt has risen by 4.37% or 701.37 billion peso. — Philippine Daily Inquirer MANILA: The latest data from the Bureau of the Treasury (BTr) show state liabilities inched up by 0.41% or 68.89 billion peso (US$1.2bil) on a month-on-month basis. Since the beginning of the year, the country's debt has risen by 4.37% or 701.37 billion peso. While the government had to incur more borrowings in April to plug its budget deficit, the BTr said a rallying peso helped minimise the growth of obligations. The local currency has been gaining ground in the past weeks as US President Donald Trump's erratic trade policies bruise confidence in the US dollar. 'The government continues to follow a disciplined debt strategy, ensuring that borrowings support productive investments while keeping fiscal sustainability,' the bureau said. Broken down, domestic obligations, which accounted for 69.2% of the total debt load, went up by 1.85% to 11.59 trillion peso in April. The BTr said the increase was driven by robust demand for government securities, including the 300 billion peso benchmark bonds that the state offered during the month. The local currency's appreciation also reduced the peso equivalent of US dollar-denominated domestic securities by 3.85 billion peso. Meanwhile, external borrowings declined by 2.68% to 5.16 trillion peso because of the 124.74 billion peso decrease in the peso-value of foreign debt. — Philippine Daily Inquirer/ANN
Free Malaysia Today
an hour ago
- Free Malaysia Today
EU says ‘fully invested' in Trump trade talks after US court ruling
EU trade commissioner Maros Sefcovic has intensified talks with US counterparts after last week's tensions. (EPA Image pic) BRUSSELS : The EU is 'fully invested' in reaching a deal with the US to avoid sweeping tariffs, the bloc's trade chief said today, after US judges ruled the controversial measures were unconstitutional. 'Our time and effort fully invested, as delivering forward-looking solutions remains a top EU priority. Staying in permanent contact,' EU trade commissioner Maros Sefcovic said on X after a call yesterday with US commerce secretary Howard Lutnick. But Sefcovic did not make any comment on the court drama across the Atlantic. In a ruling Wednesday, the US court of international trade had barred most of the tariffs announced since president Donald Trump took office, but an appeals court the next day preserved his sweeping import duties on China and other trading partners. The short-term relief will now allow the appeals process to proceed. Sefcovic has previously said he had calls with his US trade counterparts on Friday, Saturday and Monday as the two sides intensify talks after last week's tensions. US President Donald Trump threatened last Friday, but then postponed, to hit EU goods with a huge tariff, voicing frustration that talks with the EU were 'going nowhere'.
