Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit remained largely within a narrow range against the US dollar.

He said this was due to traders and investors who remained cautious over the US government’s latest move to curb China’s spending on American technology.

Additionally, he said the US is encouraging its allies to impose tariffs on China.

“China’s situation could deteriorate further, which may lead to a shift in market sentiment towards a more defensive stance, ultimately benefitting the US dollar,” Afzanizam told Bernama.

At 6pm, the ringgit depreciated to 4.4260/4.4305 from 4.4210/4.4255 at yesterday’s close.

Meanwhile, the ringgit was traded weaker against major currencies.

It weakened against the Japanese yen to 2.9631/2.9663 from 2.9552/2.9584, declined against the British pound to 5.5993/5.6050 from 5.5806/5.5863, and fell against the euro to 4.6455/4.6503 from 4.6301/4.6348.

The local currency was also traded lower against Asean currencies.

It depreciated against the Singapore dollar to 3.3079/3.3115 from 3.2997/3.3034 and fell against the Philippine peso to 7.64/7.66 from 7.63/7.64.

It slipped against the Thai baht to 13.1281/13.1469 from 13.1132/13.1324 and declined against the Indonesian rupiah to 270.2/270.5 from 270.0/270.4.