Ringgit opens higher against major currencies, softer vs US$
The Malaysian ringgit opened higher against most major currencies but weakened against the U.S. dollar amid global risk-off sentiment. The shift follows new U.S. tariff announcements targeting multiple economies, including Malaysia.
Why it matters
Trade protectionist policies and tariff escalations directly impact emerging market currencies and global economic stability.
KUALA LUMPUR: The ringgit opened higher against most major currencies on Friday but eased against the US dollar as markets turned risk-off, with crude oil prices continuing to climb and the Trump administration stepping up its trade protectionist policies.
At 8.01 am, the local currency was at 4.0925/0980 versus the greenback, compared with 4.0870/0910 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said United States President Donald Trump has announced additional import tariffs of between 10 per cent and 12.5 per cent on 60 economies, including Malaysia, citing forced labour practices as the reason.
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