KUALA LUMPUR – The ringgit is predicted to commerce range-bound with a downward bias towards the US greenback subsequent week because the buck could achieve assist surrounding international financial uncertainties, an analyst mentioned.
Financial institution Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid mentioned the native forex is predicted to commerce between 4.63 and 4.65 within the upcoming week.
He mentioned buyers’ focus will likely be shifted onto Financial institution Negara Malaysia’s (BNM) in a single day coverage charge (OPR) choice scheduled on Sept 7 to additional digest the native forex’s prospect.
“Our judgement is that the BNM may wish to preserve the OPR regular at 3.00 per cent subsequent week,” he instructed Bernama.
In the meantime, SPI Asset Administration managing director Stephen Innes famous that for the ringgit to regain its misplaced floor, China’s financial knowledge should enhance.
“The ringgit and Asian currencies are at the moment experiencing a wrestle between China’s property market crash and policymakers’ makes an attempt to keep away from a credit score and confidence disaster,” he added.
On a Friday-to-Friday foundation, the ringgit was decrease towards the US greenback at 4.6445/6485 from 4.6385/6430 every week earlier.
The native unit was additionally traded decrease towards different main currencies.
It depreciated towards the British pound to five.8878/8929 from 5.8385/8441 the earlier Friday, fell towards the euro to five.0388/0432 from 5.0054/0103 and eased vis-a-vis the Japanese yen to three.1939/1968 from 3.1757/1790 beforehand.
Equally, the ringgit was traded decrease towards its Asean friends.
The native unit declined towards the Singapore greenback to three.4386/4418 from 3.4202/4238 every week earlier and inched down towards the Indonesian rupiah to 304.6/305.1 from 303.2/303.7.
It weakened vis-a-vis the Philippine peso to eight.21/8.22 from 8.20/8.21 final week and was decrease towards the Thai baht at 13.2677/2852 from 13.2121/2309 final Friday. – BERNAMA / pic TMR FILE