KUALA LUMPUR: The ringgit opened higher against most major currencies on Friday but eased against the US dollar as markets turned risk-off, with crude oil prices continuing to climb and the Trump administration stepping up its trade protectionist policies.
At 8.01am, the local currency was at 4.0925/4.0980 versus the greenback, compared with 4.0870/4.0910 at yesterday’s close.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said US president Donald Trump has announced additional import tariffs of between 10% and 12.5% on 60 economies, including Malaysia, citing forced labour practices as the reason.
“Trump remains adamant on using tariffs as a means to boost its economy after the major setback in February when the US Supreme Court annulled the previous tariff measures,” he added.
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