Ringgit Likely To Ease Against US Dollar Next Week

November 4, 2017

KUALA LUMPUR, Nov 4 – The ringgit is likely to ease against the US dollar next week on growing optimism over an interest rate hike in the United States next month. Affin Hwang Investment Bank Vice-President and Head of Retail Research, Datuk Dr Nazri Khan Adam Khan said the ringgit was expected to a see continuous bouts of foreign fund selling until the anticipated rate hike became true.

“The sentiment is expected to continue in the short-term … Not just (for the) ringgit but regional currencies such as the Singapore dollar and Indonesian rupiah will also be affected,” he told Bernama. He said in the long term, however, the ringgit was expected to gradually recover driven by, among others, the improving oil price.

“The ringgit is undervalued. Eventually, it will catch up to its fair level because of the improving oil price,” he said. On a Friday-to-Friday basis, the ringgit was traded higher against the greenback at 4.2340/4370 from 4.2410/2430, previously. Against other major currencies, the ringgit was traded mostly higher from the previous Friday.

It fell against the Singapore dollar to 3.1093/1122 from 3.0990/0016 but strengthened versus the Japanese yen to 3.7088/7128 from 3.7189/7216. The ringgit was firmer vis-a-vis the euro at 4.9309/9357 from 4.9340/9367 and advanced against the British pound to 5.5326/5382 from 5.5532/5579. — Bernama

0
like
0
love
0
haha
0
wow
0
sad
0
angry

You may be interested

Penang Told Not To Rely Solely On Federal Govt To Implement RTB Projects
2 shares42 views
2 shares42 views

Penang Told Not To Rely Solely On Federal Govt To Implement RTB Projects

Administrator - November 24, 2017

GEORGE TOWN, Nov 24 - The DAP-led Penang government has been told not to rely solely on the federal government to…

Debate In Japan As Local Politician With Baby Ejected From Chamber
1 shares25 views
1 shares25 views

Debate In Japan As Local Politician With Baby Ejected From Chamber

Administrator - November 24, 2017

TOKYO, Nov 24 - A local Japanese female politician who brought her baby into an assembly meeting to highlight the issues…

Umno Assembly 2017: Selangor To Raise Affordable Housing Issue
1 shares32 views
1 shares32 views

Umno Assembly 2017: Selangor To Raise Affordable Housing Issue

Administrator - November 23, 2017

SHAH ALAM, Nov 23 - The issue of affordable housing faced by the people in Selangor is among the issues to…

error: Content Is Protected !