The ringgit rose slightly against the US dollar today with the US Dollar Index (DXY) maintaining high levels following the recent announcement by United States presidential candidate Donald Trump.
He revealed plans to increase import tariffs aimed at strengthening the US economy.
At 10.10am, the ringgit was at 4.2990, which is positive 0.19% versus the US dollar from its close of 4.3080 on Tuesday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam, said the DXY was reading around 103.25, which is an increase from 100.76 a month ago and shows the direction of the strengthening flow for the US dollar.
Afzanizam explained that the ringgit may remain weak in the near future considering global economic trends.
The USD/MYR pair hovered close to its immediate hurdle level at RM4.3259 and market participants are expected to trade cautiously with an eye toward the Budget 2025 unveiling on Friday for potential insights into fiscal integration and economic reform.
At the start of trading, the ringgit showed an advantage compared to the main currency options.
It rose versus the euro to 4.6851/6993 from the previous close of 4.7013/7057, rose versus the British pound to 5.6223/6393 from 5.6357/6410 and increased the value versus the Japanese yen to 2.8864/8958 from 2.8928/8957.
The ringgit also showed an increase compared to several Asean currencies.
It rose versus the Thai baht to 12.9116/9580 from 12.9121/9303 and added value versus the Singapore dollar, trading at 3.2853/2954 versus 3.2928/2961 overnight.
Compared to the Indonesian rupiah, the ringgit increased slightly to 276.1/277.1 from 276.3/276.7 previously. However, it remained unchanged against the Philippine peso at 7.44/7.47 versus 7.44/7.46 overnight.
