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Ringgit expected to climb against US dollar

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by April 15, 2017 General

The ringgit is supported by the continued recovery in oil prices. — Reuters picThe ringgit is supported by the continued recovery in oil prices. — Reuters picKUALA LUMPUR, April 15 — The ringgit is expected to strengthen against the US dollar next week, as sentiment for the greenback is expected to be influenced by geo-political tensions, a dealer said.

Measures announced by Bank Negara Malaysia (BNM) to strengthen financial markets, including revising rules to allow investors to fully hedge their currency exposure and permit all domestic players to short-sell government bonds, will drive trader's confidence for the local unit.

“The extended recovery in oil prices will also be partially supportive of the ringgit,” he added.

On a Friday-to-Friday basis, the ringgit was traded higher at 4.4050/4100 against the greenback compared with 4.4335/4365 recorded last Friday.

Against other major currencies, the local note finished mostly higher.

It rose against the Singapore dollar to 3.1521/1572 from 3.1616/1649 last Friday, strengthened versus the euro to 4.6786/6847 from 4.7159/7195, appreciated vis-a-vis the British pound to 5.5107/5187 from 5.5108/5155 but fell against the yen to 4.0450/0503 from last Friday’s 4.0075/0106. — Bernama

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