Qualampur: Ringit is expected to increase its profit against the US dollar next week, potentially trading between 4.41 and 4.42, the Chief Economist of the Bank Malaysia BHD, Dr. Mohammad Afzanizam Abdul Rashid said.
He said that there would be attention on the movement of the US Dollar Index, which slipped to 99.758 points on Thursday.
“If DXY is under control, there is a possibility that the ringit can appreciate further,” he told Bernma.
Looking further, Mohammad Afzanizam said that the ongoing United States (US) -China will be an important factor affecting the business war market.
He said that uncertainties on possible announcements from the US administration are alerting the markets, as investors struggle to assess whether development will have a positive or negative impact on the global economy.
Meanwhile, SPI Asset Management Managing Director Stephen Inse hopes that forex (foreign exchange) markets are expected to stabilize the next week, given that the impact of the trade war is decreasing because it changes from policy-related concerns to political posture.
Last week above 4.4335/4400, the local currency finished the week at 4.4200/4265 against the greenback. By the year, the ringitte has strengthened by 1.09 percent.
It slipped from 3.0294/0340 to 3.0952/1000 against the Japanese yen last week, decreased from 5.0207/0281 to 4.8706/8778 from 5.0206/8778 to 5.7591/7676 to 5.7591/7676 to 5.7849/79344.
Local notes were mixed against ASEAN currencies.
It appreciated the Philippine Peso from 7.75/7.77 to 7.80/7.782 and better Viz-e-Visi from 266.2/266.7 to 263.1/263.6 last week.
However, this Singapore dollar slipped from 3.3495/3549 to 3.3153/3204 and fell against Thai Baht from 13.1599/1902 to 12.9589/9847.
