By Abdul Hamid A Rahman
KUALA LUMPUR, Jan 31 (Bernama) -- The ringgit weakened against the US dollar today as market sentiment deteriorated following United States President Donald Trump's latest tariff announcements targeting China, Canada and Mexico.
At 6 pm, the ringgit fell to 4.4550/4600 against the greenback from Tuesday’s close of 4.3905/3980.
SPI Asset Management managing partner Stephen Innes said the new tariffs heightened concerns over North American trade stability and broader global economic headwinds.
“Trump also signalled a potential escalation of tariffs on China, raising fears of renewed trade tensions.
“While the measures may not be as severe as initially feared, even moderate tariffs could add pressure on China’s economy, which is already struggling with the fallout from its property market downturn,” he told Bernama.
Innes added that despite China’s monetary easing and fiscal stimulus, policy interventions had yet to drive a meaningful recovery, further weighing on regional currencies, including the ringgit.
The ringgit also weakened against other major currencies.
It fell against the Japanese yen to 2.8798/8832 from 2.8242/8292, against the euro to 4.6247/6299 from 4.5819/5898, and against the British pound to 5.5336/5398 from 5.4653/4746.
The local note also lost ground against ASEAN currencies.
It eased against the Singapore dollar to 3.2854/2896 from 3.2481/2542 and against the Thai baht to 13.2274/2498 from 12.9437/972.
It also declined against the Indonesian rupiah to 273.2/273.6 from 271.5/272.0 and against the Philippine peso to 7.63/7.64 from 7.51/7.53.
-- BERNAMA
