Ringgit opens almost flat as US dollar index rises
16/04/2025 09:15 MYT
Ringgit opens almost flat as US dollar index rises
KUALA LUMPUR: The ringgit started trading on Wednesday almost flat against the United States (US) dollar amid a small increase in the US Dollar Index (DXY) to 100.215 points after remaining below the 100 point level in the previous few days.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the situation was driven by cautious market sentiment following continued uncertainty over US tariff policies.
As of 8 am this morning, the ringgit is at 4.4100/4200 against the US dollar, compared to Tuesday's close of 4.4100/4155.
He said the direction of the US tariff policy was still unclear with no clear indication of whether China would bow to US pressure to begin negotiations in the current trade war scenario.
"The negative performance of US equity futures also points to the potential for weaker corporate earnings in the future, likely due to the impact of tariffs on China.
"Given the stronger DXY, the US dollar-ringgit pair is expected to trade in the range of 4.41 to 4.42 today," he told Bernama.
Meanwhile, the ringgit traded stronger against other major currencies, including rising against the euro to 4.9815/9928 from 4.9996/5.0059 yesterday.
The ringgit also rose against the Japanese yen to 3.0818/0890 from 3.0852/0895 and rose against the British pound to 5.8353/8485 from 5.8366/8439.
Against ASEAN currencies, the ringgit is trading mixed.
It strengthened against the Singapore dollar to 3.3455/3536 from 3.3498/3545 previously but weakened against the Thai baht to 13.1815/2201 from 13.1461/1708.
The ringgit was almost unchanged against the rupiah at 262.0/262.7 from 262.0/262.5 and depreciated slightly against the Philippine peso at 7.76/7.79 from 7.76/7.78.
