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Ringgit strengthens as investors still cautious about Trump’s policies | Scoop
The ringgit strengthened to 4.4040/4310 at today’s opening from 4.4270/4320 at yesterday’s close. – Bernama pic, February 21, 2025
News

Ringgit strengthens as investors still cautious about Trump’s policies

Local note opens at 4.4040/4310 against USD from 4.4270/4320 at yesterday’s close

Bernama
Updated
10:44 AM MYT

 

KUALA LUMPUR – The ringgit rose against the US dollar in early trade as investors remained cautious about the policies of US President Donald Trump’s administration, particularly on tariffs and geopolitics, an analyst said.   

At 8am, the ringgit strengthened to 4.4040/4310 from 4.4270/4320 at yesterday’s close.   

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the greenback weakened amid a decline in US Treasury yields and falling equity prices, as investors assessed corporate earnings.   

“The latest earnings report from Walmart, a key US retailer, highlighted that uncertainties in consumer behaviour, global economic conditions, and geopolitics are expected to affect its financial performance this year,” he told Bernama today.   

Afzanizam noted that US retail sales fell 0.9 per cent month-on-month in January, reinforcing concerns over economic uncertainty.   

He added that the US Dollar Index stood at 106.372 points after previously surpassing 107.   

“A weaker economic outlook should normally be followed by the anticipation of monetary easing by the central bank. 

“However, such an argument is at odds with indications from the US Federal Reserve, as it is not in a rush to reduce the Federal Funds Rate,” he added.  

Meanwhile, the ringgit traded mostly higher against major currencies.   

It strengthened against the Japanese yen to 2.9435/9619 from 2.9454/9490 and gained against the British pound to 5.5794/6136 from 5.5833/5896. However, it slipped against the euro to 4.6238/6521 from 4.6196/6248.  

The ringgit also rose against most Asean currencies.   

It appreciated against the Singapore dollar to 3.3023/3228 from 3.3060/3099 and the Thai baht to 13.1232/2146 from 13.1459/1685.   

The local note also advanced against the Indonesian rupiah to 269.5/271.3 from 270.9/271.4 and the Philippine peso to 7.60/7.65 from 7.64/7.65 on Thursday. – February 21, 2025

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