Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the local currency would be influenced by external economic conditions, including any decision and announcement made by US President Donald Trump.
“Sentiment will also be influenced by the recent US Federal Reserve’s (Fed) hawkish monetary policy remarks, which bolstered bets that the US interest rate would be increased four times this year,” he told Bernama.
On a Friday-to-Friday basis, the local note finished higher at 3.9020/9050 against the greenback from 3.9170/9200 in the previous week.
The ringgit traded mostly higher against a basket of major currencies.
It appreciated against the Singapore dollar to 2.9532/9565 from 2.9607/9639, went up against the euro to 4.7901/7946 from 4.8203/8255 and rose against the British pound at 5.3742/3795 from 5.4705/4762.
The local unit, however, depreciated against the yen to 3.6888/6934 from 3.6642/6677 last week. — Bernama
Source: The Malay Mail Online