Ringgit Strengthens Against Most Currencies Amid Trade Tensions
The Malaysian ringgit has opened stronger against most major currencies on Friday, but weakened against the US dollar as markets shifted to a risk-off mode.
Crude oil prices continue to rise, and the Trump administration is stepping up its trade protectionist policies by announcing additional import tariffs of between 10% and 12.5% on 60 economies, including Malaysia.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that President Donald Trump has reaffirmed his commitment to using tariffs as a means to boost the US economy after the Supreme Court annulled previous tariff measures in February.
The local currency is expected to trade cautiously within the RM4.08 to RM4.10 range against the US dollar, according to Dr Afzanizam.