GDP Growth To Support Ringgit’s Trading Next Week

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KUALA LUMPUR, Nov 17 – The ringgit is expected to continue its upward momentum against the US dollar next week, propelled by Malaysia’s third-quarter gross domestic product growth as well as the possibility of the central bank revising the overnight policy rate (OPR).

The Malaysian economy grew at a faster pace of 6.2% in the Q3, 2017 compared with 4.3% recorded in the same quarter last year. Affin Hwang Investment Bank Vice-President and Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the ringgit might hover around 4.10 against the greenback next week due to positive domestic factors.

Most analysts and economists are projecting the central bank to revise the OPR in the first quarter of next year. On a Friday-to-Friday basis, the ringgit had strengthened 300 basis points to 4.1600/1630 against the greenback from 4.1900/1930 last Friday. Against other major currencies, the ringgit was traded.

It rose against the Singapore dollar to 3.0656/0685 from 3.0804/0835 but eased against the British pound to 5.5120/5168 from 5.5099/5155 last Friday. It depreciated versus the Japanese yen to 3.6961/6998 from 3.6952/6988 and depreciated vis-a-vis the euro to 4.9055/9103 from 4.8855/8899, previously. — Bernama

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