Ringgit to remain soft at RM4.71-RM4.73 range against US dollar next week

KUALA LUMPUR, Oct 7 — The ringgit is expected to stay soft next week, with a possible range around RM4.71 to RM4.73. Bank Muamalat Malaysia Bhd chief economist and social...

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Mais says popular preacher Ahmad Dusuki barred from teaching about Islam in Selangor after court decision as Sultan’s decree still in forceThe ringgit is expected to stay soft next week, with a possible range around RM4.71 to RM4.73. — Picture by Sayuti ZainudinKUALA LUMPUR, Oct 7 — The ringgit is expected to stay soft next week, with a possible range around RM4.71 to RM4.73.

Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the ringgit was generally on the weaker bias this week as data points continue to show a robust US economy. “This would support the value of the US dollar. Going forward, the ringgit will continue to remain weak as the US dollar will be highly sought-after as the US Federal Fund Rate is expected to stay higher for longer,” he told Bernama.On a Friday-to-Friday basis, the ringgit weakened against the US dollar to 4.7115/7155 from 4.6930/6970 a week earlier.It rose versus the euro to 4.9720/9763 from 4.9802/9845 and was lower vis-a-vis the Japanese yen to 3.1612/1641 from 3.1482/1511 previously.

Meanwhile, it declined against the Singapore dollar to 3.4458/4493 from 3.4457/4489 a week earlier and eased vis-a-vis the Philippine peso to 8.32/8.33 from 8.29/8.30. — Bernama

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