KUALA LUMPUR, April 18 — The ringgit is expected to face another challenging period next week amid a bearish oil market and uncertain global sentiment. AxiCorp global chief market strategist Stephen Innes said the factors were set to weigh on the ringgit over the short term, making the currency...
On a Friday-to-Friday basis, the local currency performed lower against a basket of currencies. — Reuters pic
The week market is also looking forward to the release of the March Consumer Price Index on Wednesday. “Oil prices are expected to struggle on this slippery slope as demand-side risks remain tilted to the downside, with global demand forecast to hit its lowest in 30 years. The next day, US President Donald Trump announced early plans to revive the country’s economy through three phases of reopening, boosting the ringgit to positive territory of 4.3650 versus the US dollar on Friday after four straight days of losses.
The greenback advanced 1.4 per cent during the week versus the ringgit, as the local unit was affected by a decline in oil prices and demand as well as the bearish projection on the global economy by the International Monetary Fund .
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