Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the US Dollar Index (DXY) dropped to 109.445 points today as news of a gradual hike in tariff by US president-elect Donald Trump’s economic team may have provided a slight relief to market sentiments.

“Having said that, market sentiments will continue to be guarded as the US Federal Reserve (Fed) might keep the Fed Funds Rate steady in the upcoming Federal Open Market Committee meeting on Jan 28-29 as the US economy remains resilient,” he told Bernama.

At 6pm, the ringgit gained slightly to 4.5035/4.5100 against the greenback from yesterday’s close of 4.5080/4.5120.

At the close, the ringgit was mostly lower against other major currencies.

It fell vis-a-vis the euro to 4.6201/4.6268 from 4.5964/4.6004 yesterday, declined against the British pound to 5.4839/5.4918 from 5.4592/5.4640 yesterday, but advanced versus the Japanese yen to 2.8510/2.8553 from 2.8706/2.8733.

The local currency traded mixed against Asean currencies.

It slid versus the Thai baht to 12.9500/12.9739 from 12.9440/12.9618 at the previous close and was little changed vis-a-vis the Indonesian rupiah at 276.7/277.3 from 276.8/277.2 yesterday.

The ringgit also depreciated against the Singapore dollar to 3.2889/3.2939 from 3.2788/3.2822 and was flat at 7.68/7.70 versus the Philippine peso compared to yesterday’s 7.68/7.69.