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Ringgit likely to rebound

by October 15, 2016 General

KUALA LUMPUR, Oct 15 — The ringgit is expected to rebound to the 4.10 level against the US dollar next week, driven by optimism ahead of Budget 2017 tabling.

Affin Hwang Investment Bank Vice-President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the budget was expected to provide attractive measures to boost the economy, as well as attract foreign investments.

“Ringgit trading next week will be influenced (largely by expectations) in anticipation of the budget outcomes,” he told Bernama.

The budget will be tabled by Prime Minister Datuk Seri Najib Tun Razak yesterday.

On a Friday-to-Friday basis, the local note weakened against the greenback to 4.1980/2050 from 4.1535/1585 following the release of the Bank Negara data which showed heavy sell-off of Malaysian bond by foreign investors in September.

The ringgit also ended lower against a basket of currencies.

It depreciated against the Singapore dollar to 3.0247/0302 from 3.0214/0252 last Friday and eased against the yen to 4.0230/0301 from 3.9999/9066.

The ringgit weakened against the British pound to 5.1249/1339 against the previous week’s 5.1142/1220 and declined against the euro to 4.6245/6331 from 4.6199/6267. — Bernama