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Ringgit Likely To Trade Lower Against Greenback Next Week

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KUALA LUMPUR – The ringgit is expected to trade lower against the US dollar
next week, moving between 4.44-4.45, a dealer said.

He said the local currency would be influenced by external economic
conditions, including any decision and announcement made by US President Donald
Trump.

“Sentiment will also be influenced by an expected US interest rate hike
anytime soon following the strong employment and inflation data released,” the
dealer said.

Meanwhile, for the months of December 2016 and January 2017, BNM said
exports conversion exceeded imports by US$372.9 million and US$741.3 million
respectively.

“This may be good and provide support to the ringgit in the short term,” the
dealer explained.

For the week just-ended, the ringgit moved between 4.4470 and 4.4510
against the US dollar.

On a Friday-to-Friday basis, the ringgit was traded lower at 4.4510/4550
against the greenback from last Friday’s 4.4420/4470.

The local note ended lower against other major currencies, except the
British pound.

The ringgit depreciated versus the Singapore dollar to 3.1416/1451
from 3.1235/1277, decreased against the yen to 3.9417/9463 from 3.9081/9129
and weakened against the euro to 4.7372/7428 from 4.7263/7334 .

It rose against the British pound to 5.5273/5336 from 5.5516/5588 .
— BERNAMA

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