KUALA LUMPUR, Nov 29 – The ringgit is expected to extend its recovery next week, lifted by a bullish outlook on the local stock market and signs of recovery in regional currencies, a dealer said. The dealer, who forecasts the ringgit to strengthen, said the local unit would be supported by a batch of positive global economic releases after the recent drop on oil prices.
“The ringgit led losses among regional currencies and ended a near five-year low as oil prices slumped. It has lost 2.4 per cent so far in November, which would also be its third straight monthly drop,” he said. For the week just ended, the ringgit traded easier against the US dollar at 3.3810/3840 from last Friday’s 3.3520/3570.
The local unit also traded lower against other major currencies. It weakened against the Singapore dollar to 2.5932/5963 from 2.5806/5847 on Friday, slid against the yen to 2.8614/8644 from 2.8424/8461, and depreciated against the British pound to 5.3075/2125 from 5.2450/2514. It also fell against the euro to 4.2053/1100 from 4.1808/1855 previously.