Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit’s appreciation aligned with the decline in the US Dollar Index (DXY), which fell to 99.758 points.
He said mounting concerns over a US-China trade war continued to weigh on the greenback.
“Higher tariffs could push prices and inflation up, potentially dampening economic growth if consumers start cutting back on spending,” he told Bernama.
At 6pm, the local currency rose to 4.4200/4.4265 against the US dollar, up from yesterday’s close of 4.4670/4.4730.
Year to date, the ringgit has strengthened by 1.09%.
Meanwhile, the ringgit traded lower against major currencies.
It depreciated against the Japanese yen to 3.0952/3.1000 from 3.0594/3.0639, eased against the euro to 5.0207/5.0281 from 4.9401/4.9467, and fell against the British pound to 5.7849/5.7934 from 5.7566/5.7644.
The local currency traded mixed against Asean currencies.
It inched up against the Indonesian rupiah to 263.1/263.6 from 265.5/265.9 and gained against the Philippine peso at 7.75/7.77 from 7.79/7.81.
However, it slid versus the Thai baht to 13.1599/13.1902 from 13.0618/13.0866 and was weaker against the Singapore dollar at 3.3495/3.3549 from 3.3361/3.3411 previously. - FMT
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