Ringgit seen trading softer at 4.70 to 4.71 against US dollar this week

KUALA LUMPUR (Bernama): The ringgit is likely to trade softer against the US dollar this week, moving between RM4.70 and RM4.71 with the Reserve Bank of Australia’s interest rate decision in focus, said an analyst.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US retail sales and purchasing managers' indices, Europe’s consumer price and economic data from China will be among the key focus for next week.

"The central bank decision (to watch) would be the Reserve Bank of Australia where consensus estimates point to the policy rate staying unchanged at 4.35 per cent. It seems that the strong US dollar is here to stay. As such, we expect the ringgit to remain around RM4.70 to RM4.71 next week,” he told Bernama.

On a Friday-to-Friday basis, the ringgit depreciated to 4.7190/7225 against the US dollar from 4.6900/6940 a week ago.

The ringgit was traded higher against a basket of other major currencies.

The local note rose against the British pound to 5.9955/9999 from 6.0009/0060 on the previous Friday, strengthened versus the euro to 5.0418/0455 from 5.1079/1122 a week earlier and appreciated vis-a-vis the Japanese yen to 3.0046/0072 from 3.0163/0190.

The ringgit was traded mostly higher against Asean currencies.

It went up against the Thai baht to 12.8328/8475 compared with 12.8465/8627 a week earlier, improved versus the Indonesian rupiah to 287.5/287.8 from 289.5/289.9 and edged up vis-a-vis the Singapore dollar to 3.4857/4886 from 3.4872/4905 previously.

However, it was lower versus the Philippine peso at 8.04/8.05 from 8.01/8.02 on Friday last week. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Aseanplus News

Asean news headlines as at 10pm on Wednesday (July 17)
Economist gives Marcos administration a six out of 10
Vietnam e-commerce market grows fastest in South-East Asia
More hot spots detected as dry season hits southern Asean region
MPs required to undergo health screening by Nov 11
Suspect surrenders in Philippines killing of Australian couple, Filipino relative
Vietnam's economic growth in 2024 forecast on upward trend
Cash for a catch: Thai government wages war against invasive blackchin tilapia
Medical fraternity lauds 'historic' amendments to Medical Act
TVB actor Kalok Chow on running around 'naked' in Taiwan with co-star Ricco Ng

Others Also Read