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Ringgit may trade lower next week
by Cals Mon 27 Jan 2014, 02:10
Published: Saturday January 25, 2014 MYT 12:51:00 PM
Updated: Saturday January 25, 2014 MYT 12:53:39 PM
Ringgit may trade lower next week
KUALA LUMPUR: The ringgit is expected to trade in a lower range next week against the US dollar, following the US Federal Reserve's (Fed) announcement of its first reduction in quantitative easing, says Affin Investment Bank Vice-President/Head of Retail Research, Dr Nazri Khan.
The Fed is anticipated to further cut its stimulus programme from the current US$75 billion to US$65 billion a month, at a two-day policy meeting scheduled on Jan 28-29.
Nazri told Bernama that although the tapering will keep the greenback stronger and weaken the ringgit, it should be looked as a signal of a stronger US economy, which will eventually push local equities including Bursa Malaysia and the ringgit higher.
He also said the decline in the local note would be a temporary scenario and it will rebound after the Chinese New Year.
During the week just ended, the ringgit traded lower and closed at 3.3310/3340 to the US dollar from last Friday's 3.2960/2980.
It declined against the Singapore dollar to 2.6040/6082 from 2.5865/5895 last Friday, and against the yen, the local note dropped to 3.2327/2369 versus 3.1465/1500 last week.
However, against the British pound, the local note strengthened to 5.5378/5441 from 5.3843/3883, and appreciated against the euro to 4.5531/5579 from 4.4845/4876 last Friday.
- BERNAMA
Updated: Saturday January 25, 2014 MYT 12:53:39 PM
Ringgit may trade lower next week
KUALA LUMPUR: The ringgit is expected to trade in a lower range next week against the US dollar, following the US Federal Reserve's (Fed) announcement of its first reduction in quantitative easing, says Affin Investment Bank Vice-President/Head of Retail Research, Dr Nazri Khan.
The Fed is anticipated to further cut its stimulus programme from the current US$75 billion to US$65 billion a month, at a two-day policy meeting scheduled on Jan 28-29.
Nazri told Bernama that although the tapering will keep the greenback stronger and weaken the ringgit, it should be looked as a signal of a stronger US economy, which will eventually push local equities including Bursa Malaysia and the ringgit higher.
He also said the decline in the local note would be a temporary scenario and it will rebound after the Chinese New Year.
During the week just ended, the ringgit traded lower and closed at 3.3310/3340 to the US dollar from last Friday's 3.2960/2980.
It declined against the Singapore dollar to 2.6040/6082 from 2.5865/5895 last Friday, and against the yen, the local note dropped to 3.2327/2369 versus 3.1465/1500 last week.
However, against the British pound, the local note strengthened to 5.5378/5441 from 5.3843/3883, and appreciated against the euro to 4.5531/5579 from 4.4845/4876 last Friday.
- BERNAMA
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