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Ringgit to trade at current levels next week

17/04/2021 10:20 AM

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, April 17  -- The ringgit is expected to trade at current levels next week, amid mixed market sentiments, mostly influenced by external developments and worries on escalating COVID-19 cases, said an analyst.

"I think we are moving into a state of neutrality for foreign exchange (FX) and bond markets… so I'm expecting the ringgit to trade in similar ranges next week at the 4.12 to 4.14 level.

"But traders are concerned over the stronger run of US economic data which will eventually nudge US bond yields higher and is likely to hold bullish ringgit sentiment at bay next week," Axi chief global market strategist Stephen Innes told Bernama. 

On a Friday-to-Friday basis, the ringgit strengthened versus the US dollar to 4.1250/1290 from 4.1330/1370 a week earlier.

The local note was lower against other major currencies.

It fell against the Singapore dollar to 3.0929/0964 from 3.0800/0839 a week earlier and weakened against the Japanese yen to 3.7903/7943 from 3.7689/7733. 

The ringgit eased vis-a-vis the British pound to 5.6834/6898 from 5.6618/6685 on Friday last week and declined against the euro to 4.9405/9465 from 4.9141/9205 a week ago.


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