KUALA LUMPUR: The ringgit strengthened against the US dollar at the opening today as the greenback weakened after the US government upheld its decision to impose import tariffs on Canada, Mexico and China, an analyst said.
At 8 am, the ringgit rose to 4.4465/4585 against the greenback from 4.4635/4680 at Tuesday’s close.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) fell to 105.57, down more than one per cent.
“Concerns over higher tariffs could slow the economy and prompt the Federal Reserve to adopt a more dovish stance on monetary policy,“ he told Bernama.
— More to come
