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Malaysian Ringgit Strengthens Amid US-China Trade Tensions


Finance

The Malaysian ringgit saw an upward movement against the US dollar, opening stronger despite ongoing uncertainty in US-China trade relations. At 8 am, the ringgit traded at 4.3995/4150 against the greenback, an improvement from the previous day's close. Bank Muamalat Malaysia's Chief Economist, Dr. Mohd Afzanizam Abdul Rashid, noted that the ringgit appreciated by 0.08 percent as the US Dollar Index remained below 100 points. Despite stability on US jobless claims indicating a resilient labor market, the ringgit's performance varied against major global currencies. It weakened against the Japanese yen and British pound but improved relative to the euro. Against Southeast Asian currencies, the ringgit generally showed strength, gaining ground on the Singapore dollar, Thai baht, Indonesian rupiah, and Philippine peso.