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MARKET • 20/01/2025 07:04 PM

Ringgit Closes Higher Against US Dollar Ahead Of Trump's Inauguration

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Jan 20 (Bernama) -- The ringgit closed higher against the US dollar ahead of US President Donald Trump’s inauguration today, said an economist.

At 6 pm, the ringgit strengthened versus the greenback to 4.4910/4960 from last Friday’s closing of 4.5040/5085.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that following the inauguration, traders and investors would closely monitor the executive orders (EOs) typically announced by the newly elected president.

“For certain, issues such as import tariffs and the mass deportation of illegal immigrants would be closely monitored.

“In a nutshell, the financial community is keenly watching for the Trump 2.0 economic and foreign policies which will have a significant impact on the global economy and financial market volatility,” he told Bernama.

Meanwhile, Mohd Afzanizam said the ringgit’s performance was also supported by Malaysia’s trade which reached an all-time high of RM2.88 trillion in 2024, up 9.2 per cent year-on-year (y-o-y), marking the fourth consecutive year of exceeding the RM2 trillion mark.  

In 2024, exports rose 5.7 per cent to RM1.51 trillion, while imports grew by 13.2 per cent y-o-y to RM1.371 trillion.

At the close, the ringgit was higher against other major currencies. 

It inched up vis-a-vis the euro to 4.6307/6358 from last Friday’s close of 4.6382/6429, appreciated against the British pound to 5.4723/4784 from 5.4953/5008, and strengthened marginally versus the Japanese yen to 2.8741/8774 from 2.8918/8949 previously.

Meanwhile, the local note traded mostly higher against ASEAN currencies.

It edged up against the Indonesian rupiah at 274.3/274.8 from 274.9/275.3 last Friday, improved against the Singapore dollar to 3.2899/2938 from 3.2948/2983, and advanced against the Philippine peso to 7.67/7.68 from 7.68/7.69 previously. 

However, the ringgit slid against the Thai baht to 13.0948/1155 from 13.0664/0856 last Friday.

-- BERNAMA

 

 


 

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