Ringgit likely to continue UPWARD momentum next week

KUALA LUMPUR – The ringgit is expected to continue its bullish momentum next week, driven by positive outlook on the global financial market, a dealer said.

He said investors were relieved after two central banks — the Bank of Japan and US Federal Reserve (Fed) — decided to keep their interest rate intact.

Another dealer said that moving forward, the spotlight is going to remain firmly on the Fed with three officials from the central bank scheduled to deliver speeches yesterday.

“Perhaps the markets will be monitoring to see if any of the expected speeches would indicate any further discord on the US interest rate policy within the Fed after three out of 10 voting members voted for a US interest rate rise this month,” he said.

On a Thursday-to-Friday basis, the local note strengthened against the greenback to 4.1100/1170 from 4.1340/1400.

The ringgit ended mostly higher against a basket of currencies. The ringgit went up against the Singapore dollar to 3.0256/0319 from 3.0259/0325 last Friday, but eased against the yen to 4.0721/0795 from 4.0391/0457.

The local note appreciated against the euro to 4.6085/6168 from 4.6491/6567 and strengthened against the British pound to 5.3475/3587 from last Friday’s 5.4742/4843. — Bernama