By Anas Abu Hassan
KUALA LUMPUR, April 29 (Bernama) -- The ringgit continued to appreciate against the US dollar to end firmer today, closing at over six-month high, driven by signs of easing global trade tensions, an analyst said.
At 6 pm, the local currency was higher at 4.3245/3300 versus the greenback compared with Monday’s close of 4.3615/3665.
SPI Asset Management managing director Stephen Innes said the ringgit performed well today, largely supported by signs of easing trade tensions — particularly following US President Donald Trump’s decision to roll back certain automotive tariffs.
"While Malaysia typically runs a trade deficit in the auto sector, that gap tends to narrow when US tariffs are reduced, so this move is viewed positively by markets.
"There is also a growing belief that this could pave the way for broader trade agreements in the region, further bolstering sentiment around the ringgit," he told Bernama.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the local currency has been performing well with a year-to-date increase of 3.4 per cent, which is among the highest within the Asian region.
"Thus far, the Japanese yen and Singapore dollar have recorded 10.3 per cent and 4.4 per cent respectively," he added.
At the close, the ringgit traded higher against a basket of major currencies.
It rose versus the Japanese yen to 3.0301/0341 from 3.0406/0443 at yesterday’s close, strengthened vis-a-vis the euro to 4.9217/9280 from 4.9507/9564 and improved against the British pound to 5.7927/8000 from 5.8195/8262 previously.
Meanwhile, the ringgit performed stronger against its ASEAN peers.
It firmed versus the Singapore dollar to 3.3027/3074 from 3.3198/3238 at Friday's close and strengthened against the Thai baht to 12.9399/9629 from 12.9517/9743.
The local note also rose vis-a-vis the Philippine peso to 7.70/7.72 from 7.73/7.74 on Monday and appreciated against the Indonesian rupiah to 257.9/258.4 from 258.7/259.1
-- BERNAMA
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