KUALA LUMPUR: The ringgit edged higher against the US dollar this morning, buoyed by cautious sentiment ahead of US President Donald Trump’s inauguration, an analyst said.
At 8 am, the ringgit traded at 4.5020/5095 against the greenback, up from Friday's close of 4.5040/5085
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit will likely exhibit rangebound trading today, possibly oscillating around RM4.5000.
"Traders are becoming increasingly anxious about what might be announced by the US President," he told Bernama.
He said attention would focus on Trump’s executive orders, which may include measures on the mass deportation of illegal immigrants, industry deregulation, and import tariffs.
Anticipated tariff measures could fuel inflation, potentially prompting a hawkish stance from the Federal Reserve, he added.
At the opening, the ringgit also strengthened against other major currencies.
It rose against the euro to 4.6290/6367 from Friday’s close of 4.6382/6429, appreciated against the British pound to 5.4816/4908 from 5.4953/5008, and edged higher versus the Japanese yen to 2.8802/8852 from 2.8918/8949.
The local currency also advanced against ASEAN counterparts.
It climbed against the Thai baht to 13.0504/0850 from 13.0664/0856, was little changed against the Indonesian rupiah at 274.8/275.4 versus 274.9/275.3, inched up on the Singapore dollar to 3.2926/2986 from 3.2948/2983, and was nearly flat against the Philippine peso at 7.68/7.70 compared with Friday’s 7.68/7.69. - Bernama
