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KUALA LUMPUR: The ringgit ended the week on a firmer footing against the US dollar amid uncertainties over the reciprocal tariff imposed by the US administration, said an analyst.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said that while the tariff rate was steep at 24%, room for negotiation is widely open.
“Hence, hope for Malaysia and other countries to get a better deal or concession with the US may not be a remote possibility,” he told Bernama.
Meanwhile, SPI Asset Management managing director Stephen Innes said that despite the hectic week, the ringgit was relatively unscathed, and to many, that was probably a surprise.
“In a market where the greenback no longer offers blanket safety, sometimes keeping funds parked locally, backed by a credible central bank like Bank Negara Malaysia, is actually the lower-volatility play,” he said.
Still, Innes said there are some early warning signs worth noting.
“The near-term wildcard is the US payrolls tonight. If the non-farm payroll print disappoints, it could accelerate the US Federal Reserve interest rate cut bets and keep the dollar on the back foot.
“But if the data holds up, we could see some pushback against the recent US dollar downtrend, and that would challenge the ringgit&#8217;s stability heading into next week,” said Innes.
At 6pm, the ringgit traded higher at 4.4335/4.4400 against the greenback from yesterday’s close of 4.4400/4.4460.
Against major currencies, the ringgit traded mostly higher.
It marginally dropped against the Japanese yen to 3.0294/3.0340 from 3.0289/3.0332 but strengthened against the euro to 4.8706/4.8778 from 4.8969/4.9035 and increased against the British pound to 5.7591/5.7676 from 5.8470/5.8549 yesterday.
However, the local currency was mostly lower than Asean currencies.
It slightly decreased versus the Thai baht to 12.9589/12.9847 from 12.9529/12.9769 and inched down against the Indonesian rupiah at 266.2/266.7 from 265.1/265.6.
The ringgit slid against the Philippine peso at 7.80/7.782 from 7.77/7.79 but was marginally better versus the Singapore dollar to 3.3153/3.3204 from 3.3229/3.3276 previously.

MatchPoint Times

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