The ringgit rebounded to open higher against the US dollar on Tuesday, as the market assessed the prospects of US President Donald Trump's tariff policy.
At 10.10am, the ringgit was at 4.2400, up 0.31% against the US dollar from its close of 4.2530 at the close of trading last Friday.
UOB Kay Hian Wealth Advisors Sdn Bhd Head of Investment Research Mohd Sedek Jantan said the ringgit was supported by a weaker dollar, driven by renewed US-China trade tensions and concerns over possible new tariffs and taxes from Washington.
He said the US Dollar Index (DXY) fell 0.11 per cent to 98.60 points from 99.00 at Friday's close, supporting other currencies as well.
Statements from Beijing and Washington signaled disappointment over unfulfilled trade commitments.
Meanwhile, uncertainty over Donald Trump's proposed 'retaliatory' tariffs getting parliamentary approval and dovish expectations from the Federal Reserve (Fed) continued to weigh on the US dollar.
At the open, the ringgit was mixed against a basket of major currencies and Asean peers.
It appreciated against the British pound to 5.7134/7574 from Friday's close of 5.7284/7385, but weakened against the Japanese yen to 2.9567/9799 from 2.9531/9585, and depreciated against the euro to 4.8270/8643 from 4.8169/8254.
Against Asean currencies, the ringgit appreciated against the Philippine peso to 7.57/7.63 from 7.62/7.64, but depreciated against the Singapore dollar to 3.2808/3066 from Friday's close of 3.2938/3002 and depreciated against the Indonesian rupiah to 259.4/261.5 from 260.4/261.1.
