The ringgit weakened against the US dollar due to the rise in the US Dollar Index following President Trump's executive order to raise import tariffs. Analysts anticipate a risk-off mode and potential downside risks for the ringgit as the trade war escalates.
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At 8 am today, the ringgit weakened to 4.4785/4970 against the greenback, compared to Friday’s close of 4.4550/4600. "The measures will take effect on Tuesday. This marks the beginning of a trade war as the affected countries have started their retaliatory measures,” he told Bernama today. He noted that the Fed would likely be cautious as the inflation trajectory is expected to be elevated, therefore the ringgit could stabilise around the current level but downside risks remain fairly visible in light of the ongoing trade war.It advanced against the euro to 4.5878/6067 from Friday's 4.6247/6299 and appreciated against the British pound to 5.5041/5268 from 5.5336/5398. However, the local note edged lower against the Japanese yen to 2.8819/8942 from 2.
RINGGIT US DOLLAR TRADE WAR IMPORT TARIFFS US DOLLAR INDEX
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