Qualampur: Ringit is likely to trade around RM4.22 to RM4.23 next week, an analyst said.
Bank Malaysia Malaysia BHD Chief Economist Dr. Mohammad Afzanim Abdul Rashid said that next week several United States (US) economic data will be out, namely the US Consumer Price Index (CPI) and manufacturer Price Index (PPI) for the month of May, which plays an important role in shaping the market.
“While data may show a slowdown in inflation rate, the American Federal Reserve is likely to be cautious as this tariff is careful about the pressure of potential inflation arising from the shock.
“Already, the US Institute for Supply Management (ISM) Index survey reactions indicated that the businesses have become more pessimistic as the high tariffs have affected the supply chains and resulted in high operating costs,” he explained the burnma.
Ringit ended the week against the US dollar, which closed at 4.2530/2605 on Friday at 4.2270/2360 on Friday.
Local notes do business against a basket of most major currencies.
Ringit increased the Japanese Yen from 2.9324/9390 to 2.9531/9585 and increased by 5.7284/7385 against the British pound by 5.7212/7334 a week ago.
However, it vs Euro Vs. 4.8169/8254 to around 4.8268/8371 at the end of last week.
Ringit did most businesses against ASEAN currencies.
Local notes improved on Friday in 3.2862/2934 against 3.2938/3002 in 3.2862/2934, last week, Indonesian Rupiah 259.5/260.2 to 260.4/261.1 to 259.5/260.2 before and before 7.58/7.60 before 7.62/7.60 before 7.62/7.60 before 7.62/7.60. 7.58/7.60
However, it weakened the Thai Baht from 12.9507/9790 last week to 12.9599/9947.
