Ringgit in tight range against dollar

KUALA LUMPUR: The ringgit is likely to remain within a tight range against the US dollar this week, ahead of Bank Negara’s annual report on March 29, says an economist.

Bank Muamalat Malaysia Bhd chief economist and social finance Mohd Afzanizam Abdul Rashid said markets continued to expect the central bank to deliver another 25 basis points (bps) rate hike in May.

“We believe the case for a 25 bps hike in the overnight policy rate is still on the cards. We shall hear more during the week from Bank Negara when the central bank unveils its annual report,” he told Bernama.

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