New Strait Times , Photo Credit to iStock
clock 09-01-2018
hit 438

Ringgit Likely to Remain Firm Next Week

Be the first to review

KUALA LUMPUR: The ringgit will gradually gain traction against US dollar and hold firm and expected to trade in a narrow range of between 3.95 and 4.00 next week, said an economist.

Profit-taking is likely to take place after the fast pace of the ringgit's appreciation against the greenback in the first trading week of the year.

MIDF Amanah Investment Bank Bhd Chief Economist, Dr Kamarudin Mohd Nor, told Bernama that despite the market anticipation, the demand for the local note would be strongly supported by several catalysts, including higher oil prices, positive macroeconomic outlook, better external trade performance, bullish sentiment and weakening of the greenback.

On a Friday-to-Friday basis, the ringgit was stronger against the US dollar at 3.9950/0000 from 4.0440/0500 in the previous week.

Meanwhile, the ringgit also traded firmer against a basket of major currencies.

It climbed against the Singapore dollar to 3.0081/0123 from 3.0265/0323 and appreciated vis-a-vis the yen to 3.5279/5333 from 3.5912/5968 last week.

The local unit rose against the euro to 4.8116/8192 4.8451/8535 from 4.8495/5543 and strengthened versus the British pound to 5.4048/5132 from 5.4602/4687 last Friday.


Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.