Ringgit expected to trade lower next week

KUALA LUMPUR: The ringgit is likely to trade marginally lower next week as the US dollar is anticipated to strengthen further in the light of a better Gross Domestic Product (GDP) growth in the third quarter, said a dealer.

“I think we are in the early stages of a US dollar rally

given the USD  high correlation with regional currencies.

“I expect the ringgit to weaken next week as traders are expected to increase long positions for the greenback.”

“I suspect a test of 4.25 for the ringgit against the US dollar is on the cards next week,” said OANDA Head of Trading Asia-Pacific, Stephen Innes.

On a Friday-to-Friday basis, the ringgit was traded lower at 4.2410/2430 against the greenback from 4.2240/2260, previously.

Against other major currencies, the ringgit was traded mostly higher.

It rose against the Singapore dollar to 3.0990/0016 from 3.1057/1085 last Friday, strengthened versus the Japanese yen to 3.7189/7216 from 3.7252/7279, previously.

The ringgit was firmer vis-a-vis the euro at 4.9340/9367 from 4.9885/9922 but fell against the British pound to 5.5532/5579 from 5.5512/5555 last Friday. — Bernama

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