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Ringgit Likely To Consolidate Next Week

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KUALA LUMPUR – The ringgit is likely to consolidate next week ahead of the US
Federal Reserve’s (Fed) decision on interest rates and the rebound in commodity
prices.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr
Nazri Khan, said the biggest source of uncertainty continued to be the Fed, as
the possibility of the US increasing interest rates for the first time in nearly
a decade continued to hang over the markets.

“We, however, do not rule out a small possibility that the Fed’s Open Market
Committee would keep interest rates unchanged,” he told Bernama.

Nazri said the recent ringgit’s depreciation would be a boon to the current
account surplus, local exporters and manufacturers.

Meanwhile, another dealer said the ringgit was likely to move between 4.25
and 4.45 range against the US dollar next week, tracking external factors,
including crude oil prices.

For the week just-ended, the ringgit fell against the US dollar to
4.3150/3200 from 4.2560/2610 last Friday.

The local unit declined against the Singapore dollar to 3.0510/0569 from
last Friday’s 3.0040/0085 and fell against the yen to 3.5812/5868 from
3.5738/5792 last week.

It depreciated against the pound sterling to 6.6576/6679 from 6.4849/4933
last week and weakened against the euro to 4.8716/8781 from 4.7408/7468
last Friday. – BERNAMA

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