Ringgit likely to remain firm next week

NST |

KUALA LUMPUR: The ringgit will gradually gain traction against US dollar and hold firm and expected to trade in a narrow range of between 3.95 and 4.00 next week, said an economist.

Profit-taking is likely to take place after the fast pace of the ringgit’s appreciation against the greenback in the first trading week of the year.

MIDF Amanah Investment Bank Bhd Chief Economist, Dr Kamarudin Mohd Nor, told Bernama that despite the market anticipation, the demand for the local note would be strongly supported by several catalysts, including higher oil prices, positive macroeconomic outlook, better external trade performance, bullish sentiment and weakening of the greenback.

On a Friday-to-Friday basis, the ringgit was stronger against the US dollar at 3.9950/0000 from 4.0440/0500 in the previous week.

Meanwhile, the ringgit also traded firmer against a basket of major currencies.

It climbed against the Singapore dollar to 3.0081/0123 from 3.0265/0323 and appreciated vis-a-vis the yen to 3.5279/5333 from 3.5912/5968 last week.

The local unit rose against the euro to 4.8116/8192 4.8451/8535 from 4.8495/5543 and strengthened versus the British pound to 5.4048/5132 from 5.4602/4687 last Friday. --Bernama

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