KUALA LUMPUR, May 25 ― The ringgit is likely to continue its downward trend against the US dollar next week, possibly around the RM4.71 to RM4.72 range, said Bank Muamalat...
On a Friday-to-Friday basis, the ringgit depreciated to 4.7100/7130 versus the greenback from 4.6865/6890 a week earlier. ― Picture by Miera ZulyanaKUALA LUMPUR, May 25 ― The ringgit is likely to continue its downward trend against the US dollar next week, possibly around the RM4.71 to RM4.72 range, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.
There will also be a series of speakers that will shed more light on the Fed’s monetary stance, said Mohd Afzanizam.“This week, the ringgit experienced some form of correction while the technical charts have been showing signs of overbought condition which resulted in profit-taking activities seeping in.
Hence, the upside risk to the Fed Funds Rate is something that cannot be ruled out, said the economist, adding that this could lead to the ringgit trading on a weak trajectory in the near term.On a Friday-to-Friday basis, the ringgit depreciated to 4.7100/7130 versus the greenback from 4.6865/6890 a week earlier.
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