Ringgit likely to be on downward trend against US dollar this week

KUALA LUMPUR, April 17 (Bernama): The ringgit is anticipated to trade on a downward trend this week on lack of catalysts, analysts said.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said buying support for the US dollar was likely to strengthen as the US Federal Reserve was aggressive in the interest rate increase cycle and could raise 50 basis points at one go in the upcoming meeting on May 3-4.