kuala lumpurRinggit may remain at current levels of 4.60-4.61 against the US dollar as monetary policy actions continue to dominate, including a series of Fed officials sharing their views with the public. expensive.
Mohud Afzanizam Abdul Rashid, chief economist and social finance officer at Bank Muammarat Malaysia, said at the same time there was growing uncertainty about global growth prospects.
“This is reflected in the consensus forecast for Malaysian exports, which are expected to fall by 11.7% in June after declining at a steep 17.4% rate in May. The USD/Ringgit range will narrow, probably around 4.60 to 4.61,” he told Barnama.
Meanwhile, SPI Asset Management managing partner Steven Innes said Chinese policymakers are expected to continue with more stimulus to the property market and youth unemployment, which should boost sentiment further. said the ringgit could rise against the dollar next week.
“My forecast for next week is slightly positive from 4.6050-4.6250 ringgit as the USD/RMB may test 4.60 ringgit levels next week,” he added.
The ringgit fell against the dollar this week as market participants waited for the Federal Open Market Committee (FOMC) decision on June 13-14.
The U.S. central bank keeps its policy rate in the range of 5.00-5.25%.
In the week just ended, local banknotes fell mostly against a basket of major currencies throughout the trading day.
The Friday-Friday ringgit fell against the US dollar to 4.6130/6165 ringgit from the previous week’s 4.6115/6160 ringgit.
Local currencies rose against the Japanese yen to 3.2721/2748 from 3.3022/3059 last Friday, fell against the British pound to 5.9014/9059 from last week’s 5.7819/7875 and fell against the euro to 5.0503/0541 from last week. It used to be 4.9611/9659.
Similarly, the ringgit fell against ASEAN countries.
The Indonesian rupiah rose to 308.7/309.1 from the previous week’s 310.6/311.2, while the Singapore dollar fell to 3.4513/4542 from the previous week’s 3.4294/4330.
The local currency fell against the Thai baht to 13.2974/3140 last Friday against 13.3196/3376 last Friday and fell against the Philippine peso to 8.26/8.27 from 8.23/8.24 last Friday. – Barnama
