KUALA LUMPUR: The ringgit closed stronger against the US dollar on weaker greenback demand, amid a decline in investor confidence due to ongoing US-China trade tensions and a lack of progress in negotiations.
At 6 pm, the local unit stood at 4.3695/3750 against the greenback, improving from Wednesday’s close of 4.3880/3925.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit gained about 0.32 per cent today amid the uncertainties over the US tariff spat with China and other global trading partners.
“It seems China has demanded that the US revoke all the unilateral tariffs. Such a tough stance suggests the trade war is likely to be protracted, leading to cautious sentiments in the currency market,” he told Bernama.
Back home, the ringgit strengthened against a basket of major currencies.
It rose against the Japanese yen to 3.0670/0710 from 3.0925/0959 at Wednesday’s close, gained on the British pound to 5.8127/8201 from 5.8457/8517, and advanced versus the euro to 4.9738/9801 from 5.0102/0154.
Against regional currencies, the ringgit also traded higher.
It firmed against the Singapore dollar to 3.3307/3354 from 3.3523/3579, and strengthened versus the Thai baht to 13.0632/0874 from 13.1251/1457.
The local note also increased against the Philippine peso to 7.72/7.74 from 7.75/7.77 and appreciated against the Indonesian rupiah to 258.9/259.4 from 260.0/260.5.
