Kuala Lumpur: The ringgit closed stronger against the US dollar, bolstered by weaker demand for the greenback, as investor confidence waned due to ongoing US-China trade tensions and a lack of progress in negotiations. At 6 pm, the local currency stood at 4.3695/3750 against the US dollar, marking an improvement from Wednesday’s close of 4.3880/3925.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd’s chief economist, Dr. Mohd Afzanizam Abdul Rashid, noted that the ringgit gained approximately 0.32 percent amid uncertainties over the US’s tariff disputes with China and other global trading partners. Dr. Afzanizam emphasized that China’s demand for the US to revoke all unilateral tariffs indicates that the trade war might be prolonged, leading to cautious sentiments in the currency market.

Domestically, the ringgit also strengthened against a basket of major currencies. It rose against the Japanese yen to 3.0670/0710 from 3.0925/0959 at Wednesday’s close, gained on the British pound to 5.8127/8201 from 5.8457/8517, and advanced versus the euro to 4.9738/9801 from 5.0102/0154.

The ringgit’s performance was also robust against regional currencies. It firmed against the Singapore dollar to 3.3307/3354 from 3.3523/3579 and strengthened versus the Thai baht to 13.0632/0874 from 13.1251/1457. Furthermore, the local note increased against the Philippine peso to 7.72/7.74 from 7.75/7.77 and appreciated against the Indonesian rupiah to 258.9/259.4 from 260.0/260.5.