Following the Supreme Court decision on tariffs, the US president's determination to impose them by other means has heightened market uncertainties, says an analyst.
The local note also trended mostly higher versus Asean currencies.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Abdul Rashid said President Donald Trump has shown no signs of letting up in his tariff blitz.
Trump is seen aggressively looking for a different legal route to enact higher tariffs after the US Supreme Court struck down his International Emergency Economic Powers Act (IEEPA)-based tariffs policy.
“Thus, the degree of market uncertainties has escalated despite a brief respite after the Supreme Court decision,” he told Bernama.
He noted that the local note on Tuesday was moving in a narrow range against the US dollar.
At 6pm, the ringgit eased to 3.8915/8980 versus the greenback from yesterday’s close of 3.8885/8925.
Earlier in the session, the ringgit touched 3.87 against the US dollar at 3.8790/9010, a level last seen on April 13, 2018, when it stood at 3.8785/8815.
At the close, the ringgit traded mostly higher against a basket of major currencies.
It strengthened versus the Japanese yen to 2.4968/5011 from 2.5120/5147 at Monday’s close, and rose against the euro to 4.5873/5950 from 4.5888/5935. However, it edged down vis-a-vis the British pound to 5.2531/2619 from 5.2526/2580 previously.
The local note also traded mostly higher against its Asean peers.
The ringgit was marginally up versus the Singapore dollar to 3.0726/0780 from 3.0727/0761 at yesterday’s close, rebounded against the Indonesian rupiah to 231.2/231.7 from 231.4/231.7 and appreciated against the Philippine peso to 6.74/6.75 from 6.75/6.76 previously.
However, it contracted versus the Thai baht to 12.5463/5726 from 12.5342/5532 yesterday. - FMT
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