Ringgit expected to trade cautiously next week

Jun 10, 2017

The ringgit is likely to experience cautious trading next week, amid uncertain global sentiment, said a dealer.

“Emerging Asian currencies are expected to continue to be affected by external factors such as the performance of global crude oil and uncertainty over the US Federal Reserve’s interest rate decision,” the dealer said.

He said global oil prices had already dipped since Tuesday on renewed concerns over the Organisation of Petroleum Exporting Countries-led production cuts as tensions rose within the export group over Qatar and US output continuing to increase.

For the week just-ended, the ringgit moved between 4.2590 and 4.2670 against the US dollar.

On a Friday-to-Friday basis, the ringgit traded higher at 4.2635/2665 against the greenback from 4.2790/2820 last week.

The local note ended mostly higher against other major currencies for the week.

It rose against the Singapore dollar to 3.0795/0827 from 3.0873/0901 last Friday but depreciated versus the Japanese yen to 3.8615/8653 from 3.8380/8417 previously.

The ringgit appreciated against the British pound to 5.4291/4351 from 5.5062/5105 and strengthened vis-a-vis the euro to 4.7628/7674 from 4.8015/8053 last Friday. –Bernama