The ringgit is likely to trade within a narrow range against the US dollar next week with traders squaring off positions in the holiday-shortened week.
"Traders are short covering but sentiment still points towards a stronger ringgit," a dealer said.
The foreign exchange market will only trade on Monday and Wednesday next week as the market will be closed for the rest of the days in the week for the Federal Territory and Chinese New Year holidays.
On Thursday, Bank Negara Malaysia maintained its overnight policy rate (OPR) at 2.75 per cent at its first Monetary Policy Committee (MPC) meeting for the year.
It cited cooling inflation for the unchanged rate but hinted that it may consider additional policy tools to avoid the risks of macroeconomic and financial imbalances.
On a Friday-to-Friday basis, the ringgit was higher against the US dollar at 3.0540/0570 from 3.0580/0620 previously, dipped against the Singapore dollar to 2.3835/3877 on Friday compared with 2.3819/3852 last week.
It was higher against the Japanese yen at 3.6947/6992 from 3.6806/6860 previously and against the British pound at 4.8491/8554 from 4.8705/8756 last Friday.
The local unit was also weaker against the Euro at 4.1858/1902 on Friday compared with 4.1471/1515 previously. -- Bernama
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