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Forex

Ringgit Opens Higher Against Most Currencies Amid Rising Trade Tensions

Guavy AI Editorial Team
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USD
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The Malaysian ringgit opened higher against major currencies on Friday morning, but softened slightly against the US dollar as markets became risk-averse due to rising crude oil prices and increased trade protectionist policies from the Trump administration.

According to Bank Muamalat Malaysia Bhd's chief economist Dr Mohd Afzanizam Abdul Rashid, US President Donald Trump has announced additional import tariffs of between 10% and 12.5% on 60 economies, including Malaysia, citing forced labour practices as the reason.

The ringgit traded at 4.0925/0980 against the greenback at 8:01 am, compared to 4.0870/0910 at yesterday's close.

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