Thursday, July 18, 2024
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Ringgit trade likely softer against US dollar next week

BERNAMA – The ringgit is likely to trade softer against the US dollar next week, moving between MYR4.70 and MYR4.71 with the Reserve Bank of Australia’s interest rate decision in focus, said an analyst.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the United States retail sales and purchasing managers’ indices, Europe’s consumer price and economic data from China will be among the key focus for next week.

“The central bank decision (to watch) would be the Reserve Bank of Australia where consensus estimates point to the policy rate staying unchanged at 4.35 per cent. It seems that the strong US dollar is here to stay. As such, we expect the ringgit to remain around MYR4.70 to MYR4.71 next week,” he told Bernama.

On a Friday-to-Friday basis, the ringgit depreciated to 4.7190/7225 against the US dollar from 4.6900/6940 a week ago.

The ringgit was traded higher against a basket of other major currencies.

The local note rose against the British pound to 5.9955/9999 from 6.0009/0060 on the previous Friday, strengthened versus the euro to 5.0418/0455 from 5.1079/1122 a week earlier and appreciated vis-a-vis the Japanese yen to 3.0046/0072 from 3.0163/0190.

The ringgit was traded mostly higher against Asean currencies.It went up against the Thai baht to 12.8328/8475 compared with 12.8465/8627 a week earlier, improved versus the Indonesian rupiah to 287.5/287.8 from 289.5/289.9 and edged up vis-a-vis the Singapore dollar to 3.4857/4886 from 3.4872/4905 previously.