RINGGIT EXTENDS LOSSES AGAINST US DOLLAR AMID TARIFF CONCERNS

By Siti Noor Afera Abu

KUALA LUMPUR, April 8 -- The ringgit continued to close lower against the US dollar, weighed down by lingering market concerns over US President Donald Trump’s tariffs.

At 6 pm, the local currency weakened to 4.4885/4930 against the greenback, compared to Monday’s close of 4.4775/4840. The ringgit, however, rose against other major currencies.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit briefly touched RM4.5000 against the US dollar during the early morning session before rising slightly later in the day.

He said President Trump appears determined to uphold his policy stance and continues to adopt a confrontational approach toward countries that retaliate against US tariffs, indicating a prolonged period of tariff-related disruptions.

“It’s still uncertain how open the Trump administration will be to negotiations with other nations, and this clearly adds to the unpredictability surrounding the global economic outlook for the year.

“The currency markets are likely to remain volatile in the near term,” he told Bernama.

The ringgit traded firmer against major currencies today.

It rose against the Japanese yen to 3.0501/0533 from 3.0655/0704 and gained against the euro to 4.9005/9055 from 4.9100/9172 and increased against the British pound to 5.7210/7268 from 5.7491/7575 yesterday.

The local note was mostly higher against ASEAN currencies. 

It gained versus the Thai baht to 12.8898/9094 from 12.9128/9408 and inched up against the Indonesian rupiah at 265.7/266.1 from 266.1/266.6 from yesterday’s close.

The ringgit was higher against the Singapore dollar at 3.3224/3259 from 3.3228/3281 previously but fell against the Philippine peso at 7.83/7.84 from 7.79/7.81. 

-- BERNAMA