KUALA LUMPUR (Bernama): The ringgit is expected to trade between RM4.02 and RM4.04 against the US dollar this week as investors remain cautious amid prevailing geopolitical uncertainties.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid told Bernama that the stalemate in the United States-Iran negotiations could keep fuel prices elevated, resulting in higher inflationary pressure.
"Hence, talks of global interest rate hikes could gather some steam, leading to cautious trading in the currency markets,” he told Bernama.
Mohd Afzanizam said domestic political developments, particularly the upcoming state elections in Johor and Negeri Sembilan, could also contribute to the cautious sentiment.
On a Friday-to-Friday basis, the ringgit ended lower at 4.0280/0320 against the US dollar, compared with 3.9625/9670 a week earlier.
The local currency traded lower against a basket of major currencies during the week.
It depreciated against the British pound to 5.4233/4287 from 5.3165/3225, eased versus the Japanese yen to 2.5183/5209 from 2.4874/4904, and weakened against the euro to 4.6882/6928 from 4.6127/6180 previously.
It also traded lower against ASEAN currencies,
It slid against the Indonesian rupiah to 223.3/223.6 from 221.6/221.9, eased vis-a-vis the Singapore dollar to 3.1390/1424 from 3.1010/1048, slipped against the Thai baht to 12.3433/3605 from 12.1732/1926, and declined against the Philippine peso to 6.55/6.56 from 6.43/6.44. -- BERNAMA
