Ringgit likely to trend LOWER against US dollar next wee

KUALA LUMPUR – The ringgit is expected to trade in a tight range against the US dollar next week on global uncertainties that will dictate the movement of the dollar.

Affin Hwang Investment Bank Vice-President/ Retail Research Head Datuk Dr Nazri Khan Adam Khan said next week the US Federal Reserve and Bank of Japan are expected to hold meetings on monetary policies.

“The ringgit will trade in a stringent mode, and likely there will not be an increase next week,” he told Bernama.

On a Thursday-to-Friday basis for the shorthened week, with the Aidiladha celebration on Monday and Malaysia Day on Friday, the local note eased against the greenback to 4.1340/1400 from 4.0675/0725.

The ringgit ended lower against a basket of currencies.

The ringgit slid against the Singapore dollar to 3.0259/0325 from 3.0030/0069 last Friday and eased against the yen to 4.0391/0457 from 3.9792/9852.

The local note fell against the euro to 4.6491/6567 from 4.5845/5905 but strengthened against the British pound to 5.4742/4843 from last Friday’s 5.4118/4205. — Bernama