Saturday, August 25th, 2018

 

Ringgit expected to trade at 4.10-4.12 against US dollar next week

KUALA LUMPUR: The ringgit is likely to trade lower and in the range of between 4.10 and 4.12 against the US dollar next week.

A dealer said concerns over rising interest rates in the United States is expected to affect demand for the local note.

“US Federal Reserve policymakers broadly agree that interest rates should rise further, with the next round of rate hike anticipated in September,” he added.

Meanwhile, FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said the ringgit closed the week below the psychological level of 4.10 against the greenback.

“Another round of market uncertainty will send the ringgit lower towards 4.15,” he said in a note.

He also said the ringgit would continue to be influenced by external factors such as the outcome of the gathering of global central bankers at the Jackson Hole conference, as well as, developments arising from the resumed trade talks between the United States and China.

On a Friday-to-Friday basis, the local note fell to 4.1070/1100 against the greenback from 4.1050/1080 recorded last week.

Against other major currencies, the ringgit traded mostly lower, except against the Japanese yen, where it rose to 3.6851/6887 from 3.7129/7173 last week.

It declined against the Singapore dollar to 2.9950/9980 from 2.9842/9868, fell against the British pound to 5.2668/2723 from 5.2150/2204 and was lower against the euro at 4.7502/7553 from 4.6723/6765. — Bernama


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