QualampurAn analyst stated that the Ringit on Tuesday rebounded for the higher opening against the US dollar, as the markets assessed the approach to US President Donald Trump’s tariff policy.
At 8.03 am, the local note on Friday from close to 4.2530/2605 to 4.2165/2490 against Greenback.
Uob Kay Hian Wealge Advestors SDN BHD Head of Investment Research, Mohammad Sadek Jantan said that the ringt was supported by a weak dollar, inspired by the US-China trade tensions and a potential new tariffs and concerns from Washington.
He said the US Dollar Index (DXY) fell from 99.00 to 0.11 percent to 98.60 points on Friday, as well as supported other currencies.
“Beijing and Washington’s comments indicated disappointment on the Anmat trade commitments.
Bernma said, “Meanwhile, Trump’s proposed section 899 in the reconciliation bill, uncertainty and expectations for the American Federal Reserve continue to weigh Greenback,” he told Bernma.
In the opening, Ringit did a mixed business against a basket of major currencies and ASEAN peers.
It appreciated the British pounds from 5.7284/7385 on Friday 5.7134/7574, but weakened the Japanese Yen from 2.9531/9585 to 2.9567/9799, and slipped from 4.8270/8643 against the Euro.
Against ASEAN currencies, Ringit Ringit Filipine Peso increased from 7.57/7.63 to 7.62/7.64 to 7.57/7.63, but Singapore dollar slipped from 3.2808/3066 near 3.2938/3002 on 3.2808/3066 and decreased from 260.4 to 259.4/261.4/261.5.
