The ringgit weakened against the USD at the opening today, continuing its downward trend due to higher demand pressure for the US dollar.
At exactly 10.15 am, the ringgit was at 4.4840, down 0.18% against the US dollar from its closing of 4.4760 at the end of Thursday.
According to SPI Asset Management managing partner Stephen Innes, the US dollar is gaining momentum heading into the new year as the market awaits Donald Trump's aggressive tariffs and weakens all foreign currencies.
He added that the resilience of the US economy suggests that the US Federal Reserve (Fed) is likely to keep interest rates steady in January.
This expectation has further exacerbated regional currency concerns as market participants brace for the broader implications of US trade and monetary policy decisions on global currency dynamics.
However, the ringgit is trading higher against other major currencies.
It rose against the Japanese yen to 2.8498/8565 from Thursday's close of 2.8546/8580, appreciated against the British pound to 5.5520/5644 from 5.5869/5932 previously and strengthened against the euro to 4.6047/46637 from 4.6336/6387 yesterday's close.
Meanwhile, local currencies traded mostly more easily against Asean currencies.
It rose against the Singapore dollar to 3.2744/2822 from 3.2859/2898 at the previous close but depreciated slightly against the Philippine peso to 7.74/7.74 from 7.73/7.75.
The ringgit weakened against the Thai baht to 13.0640/0756 from 13.0530/0744 on Thursday and was lower against the Indonesian rupiah at 276.8/277.6 from 276.2/276.7 previously.
