Ringgit edges up as Trump weighs software curbs
The ringgit gained ground against the US dollar on Thursday morning as trade friction between Washington and Beijing intensified. Malaysia’s currency strengthened to 4.2240 per dollar at 8 a.m. from 4.2280 at the previous close. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid attributed the shift to a weaker dollar index, which fell 0.04 percent to 98.897 points amid renewed trade uncertainty.
The Trump administration is considering limits on critical software exports while imposing sanctions on major Russian oil producers over the Ukraine conflict. Mohd Afzanizam predicted the ringgit would trade between 4.21 and 4.22 against the dollar. The local currency rose against the yen to 2.7791, but weakened against the pound and the euro. Against regional currencies, the ringgit edged higher against the Singapore dollar and Indonesian rupiah but slipped against the Thai baht.
