Ringgit opens steady as U.S. dollar rebounds after four-week decline

THE ringgit opened little changed against the US dollar on Monday, as the US Dollar Index (DXY) snapped a four-week losing streak following recent weakness below the 100-point threshold.

At 8.04am, the local currency stood at 4.3700/3900 against the greenback, marginally firmer from last Friday’s close of 4.3705/3770.

Analysts noted that the cautious tone in the market stemmed from ongoing uncertainties surrounding the United States’ tariff policy.

“The ringgit is expected to remain rangebound as the tariff uncertainties persist,” said Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid.

“At the same time, the International Monetary Fund’s cautionary note on the global outlook this year suggests central banks may ease monetary policies further to cushion the impact,” he told Bernama.

Domestically, the ringgit traded mostly higher against a basket of major currencies.

It gained against the Japanese yen to 3.0408/0550 from 3.0431/0481 and also strengthened versus the British pound to 5.8104/8369 from 5.8128/8214. However, it slipped slightly against the euro, falling to 4.9608/9835 from 4.9596/9670.

Against regional currencies, the ringgit remained largely unchanged.

It was nearly flat against the Singapore dollar at 3.3224/3381 from 3.3228/3280 last Friday, and unchanged against the Thai baht at 13.0195/0900. It also held steady against the Philippine peso at 7.77/7.81 and against the Indonesian rupiah at 259.6/260.9. - April 28, 2025