The ringgit opened slightly higher against the US dollar on Thursday as market sentiment remained cautious amid intensifying discussions on US tariffs and their impact on the global economy.
At 10am, the ringgit was at 4.4270, recovering 0.16% against the US dollar from its close of 4.4280 at the end of Wednesday.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the USD/MYR pair was expected to hover between RM4.42 and RM4.44 as investors gauge the implications of US President Donald Trump's latest move to impose a 25% tariff on automotive imports.
The move could increase vehicle prices in the US by thousands of dollars, affecting major exporters such as Mexico, Japan, South Korea, Canada and Germany.
In addition, Trump signaled his willingness to lower tariffs if TikTok's Chinese parent company ByteDance meets the April 5 deadline to sell its US operations or face a ban.
Meanwhile, the ringgit strengthened against major global currencies.
It rose to 4.7560/7625 per euro from 4.7805/7842, and to 5.7013/7090 per British pound from 5.7161/7206. It also rose against the Japanese yen to 2.9428/9470 from 2.9498/9524.
Against Asean currencies, the ringgit traded higher against the Thai baht and Singapore dollar, but remained unchanged against the Philippine peso
