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Ringgit likely to strengthen against US$ this week

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by October 30, 2016 General
Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the local currency will pull back from its current level due to positive sentiment lingering in the market.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the local currency will pull back from its current level due to positive sentiment lingering in the market.

KUALA LUMPUR: The ringgit is likely to strengthen this week to the 4.12 level against the US dollar on the back of a possible recovery in the crude oil prices, a dealer said.

The global benchmark Brent crude oil is expected to be traded at US$55 per barrel compared to US$50.47 on Friday.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the local currency will pull back from its current level due to positive sentiment lingering in the market.

“The investors’ appetite will be boosted by the recovery in the crude oil prices as well as talks on Petronas-Saudi Arabian Oil Co (Saudi Aramco) potential collaboration,” he told Bernama.

It was reported that the Malaysia’s national oil company will make its final investment decision in December, whether to offer a 50 per cent stake in its Refinery and Petrochemical Integrated Development Project in Johor to Saudi Aramco.

On a Friday-to-Friday basis, the local note slipped to 4.1970/1020 against the greenback at 4.1830/1890.

The ringgit ended mostly higher against a basket of currencies.

It depreciated against the Singapore dollar to 3.0080/0126 from 3.0027/0078 last Friday. Against the yen, it rose to 3.9865/9924 versus 4.0279/0341

The ringgit strengthened against the British pound to 5.0960/0037 against the previous Friday’s 5.1158/1248 and improved against the euro to 4.5777/5848 from 4.5595/5677. — BERNAMA

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