Malaysia: Ringgit opens lower ahead of tariffs implementation

• Aug 23, 2018

KUALA LUMPUR: The ringgit opened lower against the US dollar today on external factors, including the ongoing US-China trade tensions.    

At 9 am, the local note was traded at 4.0990/1030 against the greenback from Tuesday’s close of 4.0960/0990.

The market was closed on Wednesday in conjunction with the Hari Raya Aidiladha celebration.

A dealer said the decision by both the US and China to impose fresh tariffs worth US$16 billion on each other’s goods had created market uncertainty. 

“As the trade war continues, the increase in tariffs will see goods worth US$50 billion from both sides being taxed, including vehicles, agriculture items and chemical products,” he said.

The US has also threatened a third round of tariffs on an additional US$200 billion in Chinese goods next month.  

Meanwhile, the local note traded mixed against other major currencies.

It inched up against the Singapore dollar to 2.9928/9969 from 2.9948/9977 on Tuesday and strengthened against the yen to 3.7011/7051 from 3.7135/7176.

The local note fell against the British pound to 5.2832/2908 from 5.2507/2553 and was lower against the euro at 4.7409/7468 from 4.7182/7225 on Tuesday. – Bernama

Source: https://www.thestar.com.my/business/business-news/2018/08/23/ringgit-opens-lower-ahead-of-tariffs-implementation/#vB0s41KTbz8ZRMIQ.99