tags - Sinar Daily

The ringgit is likely to trade on a bullish bias next week, below the RM4.40 level within the 4.3925-4.4175 range against the US dollar, said an analyst.

SPI Asset Management managing director Stephen Innes said for now, risks appear skewed towards a hawkish pivot on interest rates by the US Federal Reserve (Fed).

The ringgit opened marginally higher against the US dollar today, recovering from its sharp fall yesterday after the US dollar surged due to the likelihood of the United States (US) Federal Reserve (Fed) raising the interest rate.

The ringgit opened lower against the US dollar on Friday on better demand for the greenback due to a more hawkish stand by the United States Federal Reserve (Fed).

The ringgit rebounded after three consecutive trading days of losses to close higher against the US dollar today as strong China manufacturing data spurred risk-on sentiment.

The ringgit continued its downtrend against the US dollar to close lower today as investors flocked to safe-haven assets amid worries over the global interest rate outlook. - Photo: 123RF

At 9am, the ringgit stood at 4.4315/4360 versus the greenback compared to Thursday’s close of 4.4315/4365. - Photo: 123RF

The ringgit has improved against the US dollar this morning, ahead of the release of the United States Federal Open Market Committee meeting minutes data. - Photo: 123RF

Ringgit has continued to depreciate against the US dollar for the second consecutive day amidst persistent buying support for the safe-haven greenback. - Photo: 123RF