RINGGIT ENDS LOWER AGAINST GREENBACK DUE TO TARIFF CONCERNS

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, March 27 (Bernama) -- The ringgit weakened against the US dollar today alongside other ASEAN currencies as traders and investors are anxious about the reciprocal tariffs to be imposed by the United States (US) government on April 2.

At 6 pm, the local note eased to 4.4300/4340 against the greenback from yesterday’s close of 4.4280/4315.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said ASEAN currencies were fairly weaker against the US dollar with the Japanese yen depreciating to 150.53 per US dollar, falling by 0.41 per cent, followed by the Singapore dollar which fell 0.28 per cent to S$1.3399 per US dollar.

He said the Indonesia rupiah turned out to be the best-performing currency, rising by 0.20 per cent to 16,562 per US dollar possibly due to the intervention by the Bank of Indonesia as the currency hit its lowest point since June 1998 on Monday. 

Mohd Afzanizam said the ringgit was the second-best performing ASEAN currency, appreciating by 0.06 per cent to RM4.4335.

“Thus far, the immediate concern would be on the automotive sector in view of the 25 per cent tariff levied on key exporting countries to the US such as Mexico, Japan, South Korea, Canada and Germany,” he told Bernama. 

The ringgit was traded mostly higher against a basket of major currencies.   

It appreciated against the euro to 4.7720/7763 from 4.7805/7842 at yesterday’s close, edged up against the Japanese yen to 2.9351/9380 from 2.9498/9524, but decreased against the British pound to 5.7236/7287 from 5.7161/7206.  

The local note was mostly lower against ASEAN currencies. 

It fell against the Philippine peso to 7.72/7.73 from 7.67/7.68, weakened against the Thai baht to 13.0678/0854 from 13.0277/0453, and slid against the Indonesian rupiah to 267.4/267.8 from 266.9/267.2.

However, the ringgit advanced against the Singapore dollar to 3.3060/3094 from 3.3104/3133 at the previous close.

-- BERNAMA