logo
Ringgit ends higher ahead of US tariff negotiation deadline

Ringgit ends higher ahead of US tariff negotiation deadline

The Star3 days ago
KUALA LUMPUR: The ringgit closed higher against the US dollar on Tuesday, amid a mixed performance in regional currencies, as investors adopted a wait-and-see approach ahead of the United States (US) tariff negotiation deadline, an analyst said.
At 6 pm, the ringgit rose to 4.2300/2370 against the greenback, compared with Monday's close of 4.2320/2365.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there is an impression that the tariff negotiations could extend beyond the Aug 1 deadline.
"Asian currency performance against the US dollar was rather mixed, as the Chinese yuan, Thai baht and Korean won depreciated, while the Indonesian rupiah and the Philippines peso strengthened.
"The ringgit opened on a stronger footing in the morning session, rising to as high as RM4.2273 against the US dollar. However, it hovered around RM4.2325 during the afternoon session," he told Bernama.
Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit traded sideways as local traders remained cautious, noting that a negotiated compromise with Washington could pave the way for modest gains, especially if the tariff rate comes in below expectations.
"For now, traders are marking time. But this calm will not last forever. Aug 1 is not just a tariff deadline, it is the next macro landmine on Asia's summer calendar," he added.
At the close, the ringgit traded lower against a basket of major currencies.
It dipped against the Japanese yen to 2.8690/8739 from 2.8612/8644, fell against the British pound to 5.7088/7183 from 5.6954/7015 and declined versus the euro to 4.9512/9594 from 4.9277/9330 at Monday's close.
The local note also traded mostly lower against most ASEAN currencies.
It depreciated vis-à-vis the Singapore dollar to 3.3011/3071 from 3.2990/3028, weakened against the Thai baht to 13.0899/1172 from 13.0754/0954, and edged down versus the Philippine peso to 7.41/7.43 from 7.40/7.41.
The ringgit, however, traded slightly higher against the Indonesian rupiah at 259.1/259.7 from 259.2/259.6. - Bernama
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

TNB Evaluating Legal Options After Receiving RM840 Mln Tax Notice
TNB Evaluating Legal Options After Receiving RM840 Mln Tax Notice

Barnama

time6 hours ago

  • Barnama

TNB Evaluating Legal Options After Receiving RM840 Mln Tax Notice

TNB Evaluating Legal Options After Receiving RM840 Mln Tax Notice KUALA LUMPUR, July 25 (Bernama) -- Tenaga Nasional Bhd (TNB) has received a Notice of Additional Assessment for the Year of Assessment (YA) 2022 amounting to RM840.12 million, dated July 24, 2025, from the Inland Revenue Board. In a filing with Bursa Malaysia today, TNB said that in light of the Federal Court's decision relating to a similar Notice of Additional Assessment issued for YA 2018, it is currently evaluating its available legal options to address the matter. "This evaluation takes into consideration that TNB has already submitted an application for Investment Allowance under Schedule 7B of the Income Tax Act 1967 (including those for YA 2022) to the Minister of Finance," it added. -- BERNAMA

Over 100 Chinese enterprises target Zambia's premier show to boost business
Over 100 Chinese enterprises target Zambia's premier show to boost business

The Star

time6 hours ago

  • The Star

Over 100 Chinese enterprises target Zambia's premier show to boost business

LUSAKA, July 25 (Xinhua) -- About 100 Chinese companies are expected to exhibit at the 97th Agricultural and Commercial Show to boost business ties, the Zambia Chinese Association (ZCA) revealed on Friday. The enterprises will showcase their products and services under the Chinese Pavilion organized by the ZCA, during the event scheduled to run from July 30 to August 4 in Lusaka, the Zambian capital. This year's show will be themed "Adapting to Climate Change." ZCA General Secretary Wang Chunyan said the delegation will include about 80 enterprises already operating in Zambia, along with around 20 companies from China's Jiangxi Province. "It is a great platform to support China-Zambia economic cooperation and help Chinese companies grow," Wang said. She noted that the association has participated under the Chinese Pavilion for the past three years, a move that has yielded positive results for participating companies and strengthened business cooperation between China and Zambia. Bernard Moonga, president of the Agricultural and Commercial Cooperative Society of Zambia Limited, the organizer of the event, commended the ZCA for its sponsorship. According to Moonga, China is among the countries with the largest exhibitors at this year's show. The show presents an opportunity for Chinese enterprises to not only showcase their products but also forge new business relationships in Zambia, he added.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store