Qualampur: Ringit strengthened against the US dollar in early trade on Wednesday, benefiting from the ongoing weakness in greenback due to fiscal uncertainties and tariff risks in the United States.
At 8 am, the local currency traded at 4.1870/2065 against the US dollar, above 4.1995/2005 on Tuesday. The US dollar index also declined further, leading to 96.819.
The Chief Economist of Bank Mumlat Malaysia BHD, Dr. Mohammad Afzanim Abdul Rashid said that the tenderness of the dollar reflects concerns on the American fiscal policy, including potential tariff measures and planned government spending cuts.
“Social spending tax deduction and potential cuts can reduce the possibilities of American development,” he said, “he told Bernma.
Ringit also received against other major currencies. It increased against Japanese Yen from 2.9351/9389 to 2.9186/9324, British Pound vs 5.7555/7823 to 5.7797/7866, and appreciated 4.9566/9625 to 4.95666/9625 against Euro.
Among ASEAN currencies, Ringit saw marginal benefits against Indonesian Rupia from 258.4/259.7 to 258.4/259.7 and improved against the Philippine Peso from 7.43/7.47 to 7.45/7.46. It was fired against the Singapore dollar from 3.2899/3057 to 3.3015/3059 and strengthened Thai Baht from 12.8930/9630 to 12.9363/9585.
