KUALA LUMPUR, Oct 16 — The ringgit was marginally higher against the US dollar today as the US Dollar Index (DXY) remained elevated, after United States presidential election candidate Donald Trump announced a plan to raise import tariffs to protect and grow the US economy.
At 8.07am, the ringgit edged up to 4.3050/3180 against the greenback, from yesterday’s close of 4.3080/3120.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the DXY is hovering around 103.25 points from 100.76 a month ago.
He also said the ringgit could stay weak in the near term, based on global trends.
“Currently, the US dollar-ringgit is hovering quite close to its immediate resistance level of RM4.3259.
“We opine the ringgit could continue to trade sideways during the day as traders look to the Budget 2025 presentation on Friday for more clues on economic reform measures, especially in areas relating to fiscal consolidation,” he told Bernama.
At the open, the ringgit strengthened against a basket of major currencies.
It was traded higher versus the euro at 4.6851/6993 compared to Tuesday’s close of 4.7013/7057, inched up against the British pound to 5.6223/6393 from 5.6357/6410 yesterday, and rose vis-a-vis the Japanese yen to 2.8864/8953 from 2.8928/8957 previously.
The local note also traded mostly higher against Asean currencies.
It appreciated against the Thai baht to 12.9116/9580 from 12.9121/9303 on Tuesday, increased against the Singapore dollar to 3.2853/2954 from yesterday’s close of 3.2928/2961, and improved against the Indonesian rupiah to 276.1/277.1 from 276.3/276.7 previously.
The local note was almost unchanged against the Philippine peso at 7.44/7.47 from 7.44/7.46 at yesterday’s close.
— Bernama
