Ringgit likely to settle at more stable level this week

A moneychanger worker showing the ringgit and US dollar notes in Kuala Lumpur. - MUHAMAD SHAHRIL ROSLI/The Star.

KUALA LUMPUR, May 1 (Bernama): After two weeks of prolonged volatility, the ringgit is expected to stabilise next week due to prospects of a sharper interest rate hikes by the US Federal Reserve.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid believes a better ringgit movement is also likely as it is already at an oversold position.