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Ringgit likely to appreciate against US dollar next week

by September 16, 2017 General

A money changer counts ringgit at a shop in Putrajaya. — Reuters picA money changer counts ringgit at a shop in Putrajaya. — Reuters picKUALA LUMPUR, Sept 16 ― The ringgit is expected to continue appreciating in fair value and hover around 4.15-level against the US dollar next week, a dealer said.

Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew said the local unit will be on the uptrend.

“It will strengthen, albeit, marginally, from the current level but it will be supported by the underlying fundamentals,” he told Bernama.

For the week just-ended, the ringgit moved between 4.1880 and 4.2040 against the dollar, as geopolitical matters involving North Korea, as well as, a potential hike in US interest rates by year-end  is fading away.

Most emerging Asian currencies strengthened today as the US dollar lost ground against a basket of major currencies after North Korea fired another missile over Japan into the Pacific Ocean.

On a Friday-to-Friday basis, the ringgit traded at 4.1880/1910 against the greenback from 4.1920/1970 last week.

It appreciated against the Singapore dollar to 3.1128/1614 from 3.1342/1398 on Friday, improved versus the yen to 3.7648/7685 from 3.8919/8977 on Friday and strengthened against the euro to 4.9988/9041 from 5.0551/5624 last Friday.

Vis-a-vis the pound, it depreciated to 5.6873/6926 from last week’s 5.5129/5203. ― Bernama