RINGGIT TO CONTINUE TRADING WITHIN 4.42-4.43 RANGE AGAINST GREENBACK NEXT WEEK

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, March 29 (Bernama) -- The ringgit is likely to continue remaining in a narrow range within a similar trajectory of RM4.42 to RM4.43 against the US dollar next week due to the shortened trading week following the Hari Raya Aidilfitri public holiday, which is expected to be celebrated on Monday, March 31.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the main focus for next week would be on the United States (US) reciprocal tariffs that are expected to be enforced on April 2.

“Data on the US labour markets such as job openings and labour turnover survey (JOLTS), automatic data processing (ADP) employment change and non-farm payroll (NFP) will also be announced.

“We opined that the data releases would not alter the Federal Reserve’s view as the labour market has been sturdy,” he told Bernama. 

Mohd Afzanizam said that the main concern is the tariff policies and subsequent impact on inflation and consumption.

“Thus far, business and consumer sentiments have weakened, suggesting spending and investment would be more timid going forward. So traders and investors will continue to be cautious in the immediate terms,” he added. 

The local currency ended the week at 4.4330/4355 against the greenback, lower than the 4.4180/4220 recorded in the previous week.

However, the ringgit traded mostly higher against other major currencies.

It rose against the Japanese yen to 2.9438/9456 from 2.9574/9602 last week, increased vis-a-vis the euro to 4.7761/7788 from 4.7843/7886, but fell against the British pound to 5.7407/7440 from 5.7151/7203, previously.

The local note also traded mostly higher against ASEAN currencies.

It appreciated versus the Singapore dollar to 3.3040/3061 from 3.3081/3114, edged up against the Thai baht to 13.0390/0533 from 13.0436/0608, but fell against the Philippine peso to 7.72/7.73 from 7.70/7.71. 

However, the ringgit was almost flat vis-a-vis the Indonesian rupiah to 267.7/267.9 from 267.7/268.0 last week.

-- BERNAMA