SPI Asset Management managing partner Stephen Innes said tariff concerns have resurfaced despite the US-Colombia trade conflict being averted.

“Despite the ringgit’s decline, its performance was better in the early trading hours as it remains anchored by Malaysia’s solid economic fundamentals and the central bank’s prudent decision to maintain steady interest rates.

“While Trump’s more conciliatory tone towards president Xi Jinping of China offered some support to Asian currencies, it was insufficient to offset the dollar’s prevailing strength,” he told Bernama.

Innes added that the ringgit’s ability to stabilise, particularly above the 4.40 level, will largely depend on developments in US-China trade relations in the coming weeks.

At 6pm, the ringgit marginally depreciated to 4.3760/4.3825 against the greenback, compared to Friday’s close of 4.3750/4.3800.

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

It weakened against the Japanese yen to 2.8313/2.8357 from Friday’s close of 2.8115/2.8149 and depreciated against the British pound to 5.4643/5.4724 from 5.4373/5.4435.

Meanwhile, it gained marginally against the euro to 4.5900/4.5968 from 4.5911/4.5964.

The local note traded mixed against Asean currencies.

It strengthened against the Thai baht to 12.9840/13.0110 from 13.0015/13.0241 and climbed against the Philippine peso to 7.48/7.50 from 7.50/7.51.

The ringgit depreciated against the Indonesian rupiah to 270.6/271 from 270.5/270.9 and slipped against the Singapore dollar to 3.2518/3.2569 from 3.2482/3.2522.