<img loading="lazy" class="alignnone size-full wp-image-2781354" src="https://media.freemalaysiatoday.com/wp-content/uploads/2024/06/37fe5996-ringgit-up-new-2024-01-fmt-260524.webp" alt="ringgit" width="1600" height="1000" />
KUALA LUMPUR: The ringgit edged higher against the US dollar in early trade today, recovering slightly on technical correction after recent losses, amid a mixed overnight performance by the greenback.
At 8.05am, the local currency inched up to 4.4875/4.5050 versus the dollar, compared with yesterday’s close of 4.4885/4.4930.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the shock from newly announced US tariffs continues to dominate market sentiment.
He noted that White House officials have confirmed a 104% tariff on selected Chinese goods will proceed as planned, while Beijing is expected to retaliate.
“At this juncture, the degree of uncertainty surrounding the impact of a potential trade war on the global economy will be the key focus,” he said.
“A sharp tariff hike on China would hurt its export-driven industries, prompting more stimulus measures to support the economy.
“On that note, the ringgit could remain under pressure, given its strong correlation with the Chinese yuan — at 78% since 2015,” he added.
The ringgit was weaker against most major currencies this morning.
It slipped against the Japanese yen to 3.0785/3.0907 from 3.0501/3.0533, eased versus the euro to 4.9246/4.9438 from 4.9005/4.9055, and declined against the British pound to 5.7368/5.7592 from 5.7210/5.7268.
However, the local note was mostly firmer against Asean currencies.
It strengthened against the Thai baht to 12.8552/12.9139 from 12.8898/12.9094, edged up against the Indonesian rupiah to 265.6/266.8 from 265.7/266.1, and rose against the Singapore dollar to 3.3169/3.3304 from 3.3224/3.3259.
The ringgit was little changed against the Philippine peso at 7.83/7.86 from 7.83/7.84 previously.

MatchPoint Times

Ringgit firms slightly against dollar in early trade

The local currency inches up to 4.4875/4.5050, recovering on technical correction after recent losses.

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