Ringgit ends marginally higher on hopes of US tariff compromise
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the modest rebound was partly driven by optimism that Washington may settle on a softer set of tariffs as it nears the finalisation of tariffs for selected countries.
'There is speculation that the finalised tariffs could be less severe than the initial proposals announced in early April, which has helped ease some market concerns.
'The ringgit was weaker earlier in the session, slipping to RM4.2383, but later recovered to as high as RM4.2175 during today's session,' he told Bernama.
Nonetheless, Afzanizam noted that overall sentiment remained cautious, with investors staying on the sidelines as they await greater clarity on trade policy directions and their broader implications.
At 6pm, the local currency appreciated to 4.2180/4.2260 against the greenback from yesterday's close of 4.2195/4.2255.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the euro to 4.9675/4.9770 from 4.9756/4.9827, appreciated against the Japanese yen to 2.9225/2.9282 from 2.9333/2.9376, and advanced versus the British pound to 5.7601/5.7710 from 5.7621/5.7703 yesterday.
The local currency traded mixed against its Asean counterparts.
It improved vis-à-vis the Singapore dollar to 3.3114/3.3182 from 3.3146/3.3196, and rose against the Philippine peso to 7.47/7.49 from 7.50/7.51.
However, it slipped against the Thai baht to 13.0302/13.0609 from 13.0211/13.0457, and slipped against the Indonesian rupiah to 260.6/261.2 from 260.5/261.0 previously.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
an hour ago
- Malay Mail
Anwar heads to Brazil for Brics summit, pushing inclusive global order and AI governance as Asean chair
KUALA LUMPUR, July 5 — Prime Minister Datuk Seri Anwar Ibrahim is set to reinforce the importance of multilateralism amid a rapidly polarising global landscape and Malaysia's unwavering commitment to a more balanced, inclusive world order at the 17th Brics Leaders' Summit in Rio de Janeiro, Brazil, from July 6–7. Acting Head of Mission of the Malaysian embassy in Brasilia, the capital of Brazil, Datuk Mohammad Ali Selamat, said the Prime Minister will deliver a statement entitled: 'Strengthening Multilateralism, Economic–Financial Affairs and Artificial Intelligence,' during the session for Brics partner countries on Sunday. He will also deliver another statement on 'Environment, COP30 and Global Health' on Monday. Speaking to the Malaysian press in a virtual session from Brasília, Mohammad Ali said both interventions reflect Malaysia's steadfast commitment to strengthening multilateralism and amplifying the voice and interests of developing countries, aligned with the core objectives of Brics 2025. Anwar is set to arrive in Rio de Janeiro this morning for the Brics Summit, following his official visit to France, which ended yesterday. This marks his second visit to Brazil, after attending the G20 Summit as a guest last year. Both visits are on the invitation of Brazilian President Luiz Inacio Lula da Silva. 'The Prime Minister will emphasise the importance of multilateralism through constructive dialogue and inclusive collaboration, as Malaysia firmly believes that platforms such as Brics play a vital role in enabling the international community, particularly developing countries of the Global South, to collectively address shared challenges that threaten sustainable development, equitable growth and global stability. 'Malaysia, as Asean Chair, promotes regional cooperation through digital transformation, Artificial Intelligence (AI) governance and more inclusive trade. 'In the second session, the Prime Minister will focus on the challenges of addressing global health issues and climate change through international cooperation, while also emphasising efforts to strengthen climate financing towards a sustainable transition,' he said. As Chair of Asean 2025, Mohammad Ali said Malaysia is also looking forward to strengthening ties between the two groupings to enhance regional economic cooperation that contributes to collective efforts toward building a more inclusive, equitable and sustainable global economy during the Brics Leaders' Summit, themed 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' Anwar, who is currently undertaking a visit to three countries — Italy, France, and Brazil — from July 1 to 7, is scheduled to arrive in Rio this morning for the summit. Malaysia's participation in the summit is in its capacity as a Brics Partner Country and as Chair of Asean 2025. Malaysia officially became a Brics Partner Country on January 1 this year. The Brics group — which serves as a political and diplomatic coordination forum for countries of the Global South and collaboration across diverse sectors — was initially established by Brazil, Russia, India and China. It later expanded with the inclusion of South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) in 2023, and Indonesia in 2024. Malaysia, as well as Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Thailand, Vietnam, Uganda and Uzbekistan, were accepted as Brics partner countries. Meanwhile, during his visit to Rio de Janeiro, Anwar, who is also the Finance Minister, is scheduled to have a business meeting with Brazil's multinational aerospace corporation, Embraer. The Prime Minister's delegation here includes Transport Minister Anthony Loke, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Deputy Minister of Energy Transition and Water Transformation Akmal Nasrullah Mohd Nasir, senior government officials and representatives from Malaysian companies. Mohammad Ali also highlighted that bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in the previous year, maintaining Brazil as one of Malaysia's main trading partners in Latin America. Among Malaysia's exports to Brazil are electrical and electronic products (E&E), rubber products, petroleum products, chemicals and chemical products and palm oil-based manufactured products, while imports from the South American country include metalliferous ores and metal scrap, meat, coffee, and crude petroleum. 'Brazil is among the main markets for E&E and rubber products, while we import halal meat and raw sugar from Brazil, which contributes to Malaysia's food security,' he added. 'The oil and gas sector is Malaysia's largest investment through Petronas, while we will also hold discussions on semiconductors, food security, and green energy from time to time.' Rio de Janeiro is a vibrant coastal city in Brazil, renowned for its iconic beaches like Copacabana and Ipanema, the towering 38-metre Christ the Redeemer statue atop Mount Corcovado, and the stunning Sugarloaf Mountain, accessible by cable car. The city is also famous for its vast favelas, or shantytowns, and its world-famous 'Carnaval do Rio de Janeiro', a dazzling celebration with elaborate parade floats, colourful costumes, and lively samba dancers, which is widely regarded as the largest in the world. — Bernama
New Straits Times
an hour ago
- New Straits Times
Macron announces 'historic' Airbus-Malaysia Airlines deal
PARIS: French President Emmanuel Macron said there had been an historic deal between Airbus and Malaysia, as Macron hosted Prime Minister Datuk Seri Anwar Ibrahim in Paris. Macron said such deals highlighted the importance of trade between France and Asia, as Europe faces up to likely tariffs from US President Donald Trump. "I am thinking of the projects signed in the key minerals sector, in the rare earths sector with the company Carester which has just opened up a factory in the region of Lacq, the transport sector with this historic co-operation between Malaysia Airlines and Airbus, and in the energy transition sector," said Macron. Industry sources told Reuters this week that Airbus was close to winning an order from Malaysia Aviation Group for more A330neo long-haul jets.
Free Malaysia Today
an hour ago
- Free Malaysia Today
Trader loses RM600,000 in bogus online investment scheme
Nilai police chief Abdul Malik Hasim said the victim only realised he had been scammed after he was unable to withdraw both his profit and initial capital. (Bernama pic) SEREMBAN : A frozen food trader lost more than RM600,000 after falling victim to an online business investment scheme last month. Nilai police chief Abdul Malik Hasim said they received a report from the victim, a man in his early 50s, at 1.17pm today. 'The man said he had dealings with an individual who offered him an investment opportunity on April 21. He was instructed to register an eBay account to begin investing in a business and sell goods via his own online store. 'The victim then transferred funds into 19 different bank accounts, making a total of 43 transactions amounting to RM677,890,' Malik said in a statement tonight. Malik said the victim only realised he had been scammed after he was unable to withdraw both his profit and initial capital.
