Ringgit Remains Resilient Despite Uncertainties Due To US Tariffs - BNM

By Durratul Ain Ahmad Fuad and Nur Athirah Mohd Shaharuddin

KUALA LUMPUR, April 10 (Bernama) -- Uncertainties in the foreign exchange market will continue to prevail until there is greater clarity on policy direction, particularly regarding the tariff lengths, said Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour. 

“I would say that the ringgit and other currencies in the region have been pretty resilient supported by strong fundamentals,” he said. 

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Besides this, he said, Malaysia have strong economic growth prospects and the government is committed  to structural reforms, Abdul Rasheed told reporters at the end of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and related meetings here today.

All these provide support for the ringgit, said the governor. 

The ringgit ended firmer against the US dollar on Thursday, snapping a three-day losing streak following US President Donald Trump’s 90-day pause in reciprocal tariffs for all countries except China.

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At 6 pm, the ringgit strengthened to 4.4670/4730 against the US dollar, marking a 0.58 per cent gain from Wednesday’s close of 4.4935/4990.

On top of this, BNM will continue coordinating measures including encouraging local exporters to bring back their proceeds which in turn will provide support to the ringgit.

Abdul Rasheed was responding to questions on how the US tariffs shock would affect the ringgit's performance. 

Meanwhile, he reiterated that the gross domestic product (GDP) forecast for Malaysia will be assessed after the US tariffs implementation level is confirmed. 

Malaysia's economy is forecast to grow within a range of 4.5 per cent to 5.5 per cent in 2025, with the official government forecast citing potential external headwinds from trade tensions.

-- BERNAMA