The ringgit is expected to trend higher against the US dollar next week on strong interest by investors to put their funds back into the currency to get better returns.
Dealers said the near-term outlook for the ringgit was bright due to steady commercial demand from Malaysian and foreign investors as the economy was performing well.
"The ringgit will move between 3.18 and 3.17 against the greenback next week," one of them said.
Investors' appetite for riskier assets might increase and this would in turn help boost the ringgit, said RHB Bank forex dealer Badeeudin Mohd Abu Bakar.
Uncertainties in the euro zone could also set the tone for the dollar, he added.
This week, the ringgit rose against the greenback and other major currencies on expectations of better growth for Malaysia and a hike in interest rates.
On Thursday, Prime Minister Datuk Seri Najib Tun Razak said the country's economy expanded by a superlative 10.1 per cent in the first quarter as against the 4.4 per cent registered in the previous quarter.
Meanwhile, Bank Negara Malaysia, at its Monetary Policy Committee on the same day, raised the Overnight Policy Rate by 25 basis points to 2.50 per cent.
The ringgit ended the week at 3.1835/1860 against the dollar compared with 3.2560/2590 a week earlier.
It also strengthened against the Singapore dollar to 2.3079/3160 from 2.3361/3416, the Japanese yen to 3.4457/4511 from 3.4716/4759, the British pound to 4.6424/6477 from 4.9009/9061 and the euro to 3.9818/9865 from 4.1582/1624. -- Bernama
Dealers said the near-term outlook for the ringgit was bright due to steady commercial demand from Malaysian and foreign investors as the economy was performing well.
"The ringgit will move between 3.18 and 3.17 against the greenback next week," one of them said.
Investors' appetite for riskier assets might increase and this would in turn help boost the ringgit, said RHB Bank forex dealer Badeeudin Mohd Abu Bakar.
Uncertainties in the euro zone could also set the tone for the dollar, he added.
This week, the ringgit rose against the greenback and other major currencies on expectations of better growth for Malaysia and a hike in interest rates.
On Thursday, Prime Minister Datuk Seri Najib Tun Razak said the country's economy expanded by a superlative 10.1 per cent in the first quarter as against the 4.4 per cent registered in the previous quarter.
Meanwhile, Bank Negara Malaysia, at its Monetary Policy Committee on the same day, raised the Overnight Policy Rate by 25 basis points to 2.50 per cent.
The ringgit ended the week at 3.1835/1860 against the dollar compared with 3.2560/2590 a week earlier.
It also strengthened against the Singapore dollar to 2.3079/3160 from 2.3361/3416, the Japanese yen to 3.4457/4511 from 3.4716/4759, the British pound to 4.6424/6477 from 4.9009/9061 and the euro to 3.9818/9865 from 4.1582/1624. -- Bernama
