Ringgit set to remain under pressure

Uncertainties in the world economy and persistent worries over the
European debt crisis are expected to put the ringgit under pressure
against the US dollar next week, dealers said.

They said Asian
currencies, including the ringgit, would remain under pressure in the
short term due to uncertainties surrounding the Eurozone debt crisis.

"Although the European Central Bank President Mario Draghi said the
bank would step in to keep the region from collapsing, investors view
the immediate direction for Europe as still down," said a dealer.

He said the market remained under pressure and most of the players were reluctant to take heavy positions.

"But,
the ringgit may rebound if the EU leaders come up with concrete
solutions and provide more liquidity to the financial market and
contain the crisis," he added.

On a Friday-to-Friday basis, the ringgit closed lower against the US dollar at 3.1600/1630 from 3.1450/1520 last Friday.

Meanwhile, the ringgit was traded lower vis-a-vis other major currencies.

The ringgit depreciated against the Singapore dollar to 2.5203/5247
from Friday's 2.5104/5138 but declined against the yen to 4.0430/0473
from
4.0064/0112 previously.

The local currency weakened
against the British pound to 4.9561/9618 from last week's 4.9414/9471
and eased against the euro to 3.8707/8750 from 3.8607/8650 last Friday.
-- BERNAMA