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

07 Oct 2023 10:11am
Pix for illustration purpose only. - FILE PIX
Pix for illustration purpose only. - FILE PIX

KUALA LUMPUR - The ringgit is expected to stay soft next week, with a possible range around RM4.71 - 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.

He said the local market focus next week will be the tabling of Budget 2024.

On a Friday-to-Friday basis, the ringgit weakened against the US dollar to 4.7115/7155 from 4.6930/6970 a week earlier.

Meanwhile, the local unit traded mostly higher against other major currencies.

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. It appreciated against the British pound to 5.7494/7543 from 5.7522/7571 the previous Friday.

The ringgit also traded mixed against its Asean peers.

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The local unit improved against the Thai baht at 12.7200/7367 from 12.8808/8964 last Friday and was better versus the Indonesian rupiah at 301.7/302.1 from 303.5/303.9.

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