Ringgit set to stay at 4.72-4.73 range against US Dollar next week

Publish date: Sun, 31 Mar 2024, 01:27 PM

KUALA LUMPUR: The ringgit is expected to maintain its current range of RM4.72 to RM4.73 against the US dollar next week, said an economist.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said next week's hurdle will be the US jobs report and business sentiments.

He noted that there will be a slew of jobs reports such as Jobs Opening and Labour Turnover (JOLTS) and Nonfarm Payrolls (NFP) which is expected to moderate to 198,000 in March from 275,000 in February.

In a nutshell, investors will be scrutinising the incoming data to establish their view on the US Federal Reserve Fund Rate outlook, in particular the timing for the rate cut.

"Such anxiety would keep the US dollar well supported as Fed officials seem adamant about keeping the rate higher to quell inflation," he told Bernama.

On a Friday-to-Friday basis, the ringgit strengthened to 4.7215/7280 against the greenback compared with 4.7340/7390 a week earlier.

The local note traded higher against most major currencies.

It improved vis-a-vis the Japanese yen to 3.1194/1241 from 3.1223/1258 a week earlier, higher against the British pound to 5.9548/9630 from 5.9582/9645 and rose against the euro at 5.0907/0977 from 5.1203/1257 previously.

The ringgit also traded higher against ASEAN currencies.

It appreciated to 12.9712/12.9983 against the Thai baht from 13.0116/0318 last Friday and gained versus the Singapore dollar to 3.4987/5040 from 3.5106/5145 a week ago.

The ringgit rose against the Indonesian rupiah to 297.7/298.2 from 299.8/300.4 last Friday and improved against the Philippine peso to 8.40/8.42 from 8.41/8.42 last week. 

  - Bernama

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