Ringgit edges up ahead of Trump's inauguration


  • Forex
  • Monday, 20 Jan 2025

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

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
Mohd Afzanizam , Ringgit , opening , Trump , Tariff

Next In Business News

Trump's tariff threats extend safe-haven gold's record rally
Maybank ranks among world’s top 500 brands, wins big in sustainable finance
FBG subscribes to additional shares in Australia’s BNL
SME Bank approves RM3.6bil funding in FY24
Ringgit closes lower vs US dollar on import tariff concerns
Divfex wins RM18.5mil data center equipment supply job
Hup Seng’s 4Q net profit jumps 26.7%, maintains cautious outlook
MGB wins construction job worth RM195mil
Keyfield gets contracts totalling RM56mil from PETRONAS Carigali
Anwar: Malaysia continues to attract foreign investment due to clear policies

Others Also Read