Ringgit Rises Against Greenback Following Govt Response To Impact From US Reciprocal Tariffs
By Danni Haizal Danial Donald
KUALA LUMPUR, May 5 (Bernama) -- The ringgit ended higher against the US dollar at the close on Monday, amid the government's response towards the impact of the reciprocal tariff from the United States (US), said an analyst.
At 6 pm, the ringgit surged to 4.1990/2035 against the greenback, compared to last Friday's close of 4.2560/2600.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said today's special parliamentary meeting indicated that the government is being pragmatic in dealing with the tariff shocks enacted by US President Donald Trump.
'The session suggests that the government has acknowledged the fact that the tariff shocks are expected to impact the economy significantly, and they are ready to take necessary steps to mitigate the impact.
'It demonstrates the government's resolve to be forthcoming in their communication to the public. So, to some degree, this could help contribute to the confidence in our economy and the government and ultimately our ringgit,' he told Bernama.
Additionally, Mohd Afzanizam said that the better-than-expected non-farm payroll last Friday failed to resuscitate the value of the US dollar, with the US Dollar Index (DXY) continuing to linger at around 99 points.
SPI Asset Management managing partner Stephen Innes said a mix of regional optimism and domestic developments buoyed the ringgit's positive performance.
He said at the regional level, renewed hopes of a US-China tariff resolution have sparked a broad-based re-rating of Asian currencies, giving a notable boost to the ringgit.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
43 minutes ago
- Daily Express
High-profile cases now wrapped up in six months
Published on: Thursday, June 12, 2025 Published on: Thu, Jun 12, 2025 By: Bernama Text Size: Azam said one of the main factors that enabled the shorter investigation period was the improvement of investigation modules and systems by reviewing outdated elements in the commission's procedures. - Bernama pic BANGI: The Malaysian Anti-Corruption Commission (MACC) has shortened the investigation period for high-profile cases from one and a half years to just six months, thanks to the implementation of new approaches, including upskilling officers and utilising the latest technology. MACC Chief Commissioner Tan Sri Azam Baki said one of the main factors that enabled the shorter investigation period was the improvement of investigation modules and systems by reviewing outdated elements in the commission's procedures. Advertisement 'In the past, one high-profile case could take us about one and a half years to complete the investigation papers, but now we can complete them within six months. Secondly, we enhance our officers' skills and knowledge. 'About 10 years ago, we needed to dispatch many officers to conduct surveillance. But now, we just use technology to locate suspects and witnesses. So, in a very short period, we can locate the suspect or the person we want to find,' he said. Azam said this at a press conference after attending the 2025 MACC-NTU International Law Enforcement Programme Convocation here today. In addition, Azam said the MACC has also established strategic collaborations with external parties to strengthen its investigation capabilities, especially in technical aspects and financial forensics. He said international cooperation also plays a vital role, particularly in tracing and recovering assets located abroad. 'We also collaborate with many parties. For example, our collaboration with the Malaysian Institute of Accountants helps us with asset tracing and forensic accounting,' he said. On the need to increase staffing, Azam said that although there was a rise in the number of reports from 2020 to April 2025, totalling 34,819, mass recruitment of MACC officers is not the primary solution to strengthening anti-corruption efforts. 'I do not see that adding a large number of MACC officers is the solution to combat corruption in this country. The most important thing is our approach,' he said, adding that during the same period, 5,145 investigation papers were opened, leading to the arrest of 5,703 individuals. He said that out of these arrests, 2,479 individuals were prosecuted and 1,274 were subsequently convicted in court. The MACC also recorded significant financial enforcement outcomes, including the seizure of RM3.54 billion in assets and the forfeiture of an additional RM27.87 billion. At today's convocation, 250 people graduated from the programme, and they have now been appointed as new MACC officers. * 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
The Sun
an hour ago
- The Sun
Carsome off to strong start with US$4.3 million Ebitda in Q1
PETALING JAYA: Carsome Group Inc, Southeast Asia's largest integrated car e-commerce platform, registered a strong start to 2025, posting earnings before interest, taxes, depreciation and amortisation of US$4.3 million (RM18.1 million) in the first quarter, continuing the positive momentum from its profitable close to FY24. In Q1'25, the group's gross profit rose 12% year-on-year, while its gross profit per unit (GPU) improved 24% from 2024, driven by a resilient topline performance. During the quarter, both wholesale and retail segments delivered record margin performance, driven by improved pricing algorithms, optimised sourcing strategies, and stronger unit economics. The group remains focused on driving profitable growth across its core markets while strengthening its integrated automotive ecosystem. Carsome co-founder and group CEO Eric Cheng said, 'Carsome is off to a strong start in 2025, building on the solid foundation of our proven profitability in FY24. As we continue to refine our execution and unlock even greater operating leverage through our integrated model, our business fundamentals remain strong and resilient. 'We are on track to surpass our goals, including becoming operational cash flow positive this year. We are confident in the growth potential of our core markets, and we are excited about the momentum we are gaining. Recent strategic partnerships are already playing a pivotal role in driving topline growth and accelerating our path toward further success/' Caresome continues to forge partnerships that strengthen its ecosystem, broaden access to financing, enhance services and contribute to the community. These include its partnership with Japan Consumer Credit Service a member of Mitsubishi UFJ Financial Group, to scale financing for underserved customers through Carsome Capital. Furthermore, Carsome has established collaborations with Petronas AutoExpert to enhance after-sales support and an alliance with the Football Association of Malaysia to champion national pride. In April, Carsome supported the Selangor state government and the Ministry of Transport in aiding families affected by the gas pipeline fire in Putra Heights. These efforts underscore the group's ongoing commitment to making a meaningful impact, one that will continue to shape its direction in 2025.
The Star
an hour ago
- The Star
While AI gains ground, traditional search engines still have a place, say experts
Has artificial intelligence (AI) changed the way we interact with the digital world, and more importantly, have old systems and principles become irrelevant with the advent of AI? Those questions took centre stage during the Malaysia Digital Association (MDA) D-Conference 2025 on June 12, which brought speakers from across various industries to discuss the intersection between technology and creativity. A panel discussion titled "AI vs Search: Reinventing Discovery Or Breaking The System" explored the impact of AI on how people find information online. US-based web advertising company Taboola's regional director for India and South-East Asia, Aaron Rigby, highlights fragmentation across generational lines regarding the use of "search". He observes that older users are sticking to traditional search engines and research behaviour, while those from younger generations are relying on platforms like TikTok when searching for information. Rigby says that despite advances in AI chatbots, search engines are not going anywhere. — RAJA FAISAL HISHAN/The Star With the rise of chatbots and AI integration in search results, Rigby sees them taking a complementary role to one another. "Firstly, is AI going to replace search? No, I don't think so. It's pretty much reimagining search. "Google still receives 370 times the number of queries that AI chatbots are receiving. "Of all the people using ChatGPT, 99% of them, which is another way of saying 100% with a rounding error, are still using Google search, so it's not going anywhere," he says. The shift, Rigby says, will be in how users interact with both chatbots and search engines. He believes that both will have their respective roles to play in developing distinct workflows and splitting up the search process. For example, when aiming for more thorough and complex questions that require context, users are opting for AI assistance to get the answers they are looking for, he says. Meanwhile, when it comes to simpler, quickfire answers, they go straight to Google, he adds. "I think as we move forward, it's not going to replace, it's going to converge and evolve in an interesting way," he says. Vinda Malaysia's head of media, business intelligence and data Neeraj Mishra, on the other hand, touched on the trustworthiness of artificial intelligence when compared with traditional organic search results. Neeraj says that just a short two years ago, he would not have trusted the accuracy of results obtained from AI. Since then, however, he has seen rapid improvements and developments in the various AI platforms. Neeraj says that just a short two years ago, he would not have trusted the accuracy of results obtained from AI. — RAJA FAISAL HISHAN/The Star "I'll take a specific example: initially when ChatGPT launched, it was not connected to the Internet. "I'm not sure whether the results it gives me are correct or not, so I have to go to Google to confirm it. "But now, what happens is, within ChatGPT, it is connected to the Internet, and when you search, your search results also comes with the source. "Then what happens is, I can verify that it then and there whether the results are okay or not," he says, adding that he no longer needs to manually cross-check information from chatbots. He stresses that users now need to make sure to feed their chatbots well-worded and accurate prompts in order to receive high quality, trustworthy, and verified responses. "If you are using it and your prompts are good enough, the result you will get is reliable, trustworthy, and can be verified too. "But if your prompts are not accurate, the outcome will not be good," he says. Neeraj further stresses that it now falls on the user to ensure the quality of their prompts, rather than the blame falling on chatbots like ChatGPT. From an ethical perspective, Rigby says that the biggest challenge is in creative attribution. "AI is coming back with good results, and that is not being attributed to the publishers, and not being attributed to the creative industry. "So, if we continue down this way, we're essentially strip mining the very industry that AI is built for, right? "And then we'll have an AI which is fueled by nothing. So, from an ethical standpoint, it's so important we have to get this creative attribution right," he says. The human touch Another presentation given by Peter Kua, co-founder of AI consulting firm Data Science, titled "The AI takeover: Is UX as we know it over", discussed how humans are a necessary element in the design of user experience (UX). He emphasises that humans are the ones responsible for the inclusion of empathy and creativity in UX design. "The reality is that AI cannot replace human programmers. I mean, sure, AI is able to solve simple hackathon types of problems. It's also able to generate code snippets that you can cut and paste into your work. "But the real world is a lot more complex than that," he says, adding that AI fails miserably at addressing complex business problems and at figuring out current and legacy systems. The conference also included discussions on whether AI represents a boon or bane for creative works, the future of advertising in an AI era, and authenticity in a synthetic world, among others. Following the conference was the D-Awards 2025 ceremony, celebrating innovations in the creative space the past year.
