RINGGIT ENDS LOWER AS GREENBACK GAINS ON HOPES OF EASING TRADE WAR

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, April 25 (Bernama) -- The ringgit ended the week lower as the greenback gains on hopes of an easing US-China trade war.

At 6 pm, the local unit fell to 4.3705/3770 against the greenback, compared with Thursday’s close of 4.3695/3750.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit versus the US dollar was in a tight range today, hovering between RM4.3715 and RM4.3823.

“The tariff spat between the US and China continues to hog the limelight with market sentiments remaining cautious,” he told Bernama.

He said there were reports that China might exempt import tariff on certain items levied against the US as rising cost has weighed heavily on their businesses.

Back home, the ringgit traded mostly higher against a basket of major currencies.

It rose against the Japanese yen to 3.0431/0481 from 3.0670/0710 at Thursday’s close, gained on the euro to 4.9596/9670 from 4.9738/9801 but was almost flat versus the British pound at 5.8128/8214 from 5.8127/8201 yesterday.

Against regional currencies, the ringgit traded mixed.

It firmed against the Singapore dollar to 3.3228/3280 from 3.3307/3354, and strengthened versus the Thai baht to 13.0195/0450 from 13.0632/0874.

The local note, however, decreased against the Philippine peso to 7.77/7.78 from 7.72/7.74 and depreciated against the Indonesian rupiah to 259.6/260.2  from 258.9/259.4.

-- BERNAMA