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NewsRinggit seen trading at 3.02-3.05 levels
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Ringgit seen trading at 3.02-3.05 levels
by hlk Sun 26 Jun 2011, 18:27
The ringgit is expected to see rangebound trading next week amid market cautiousness on the global economic outlook.
A dealer said the local unit could be moving around 3.02-3.05 levels per one US dollar.
In a research note, MIDF Research said it expected the ringgit to appreciate against US dollar in second half of 2011, benefiting from Asia's healthy economic outlook excluding Japan.
"We reiterate our ringgit/US dollar average forecast of 2.97 for this year while 2.95 for next year," it said.
This week, the market saw support for the US dollar as a safe-haven currency on Thursday and Friday amid worries about bearish US economic outlook, Greece's debt crisis and weak Chinese data.
On a Friday-to-Friday basis, the ringgit ended lower against the US dollar at 3.0390/0420 compared with 3.0400/0450 previously.
The local currency eased against the Singapore dollar to 2.4579/4615 from 2.4528/4583 and weakened against the yen to 3.7882/7946 from 3.7769/7845.
The ringgit rose against the British pound to 4.8706/8757 from 4.9005/9095 but was lower against the euro at 4.3473/3522 from 4.3071/3151. -- Bernama
A dealer said the local unit could be moving around 3.02-3.05 levels per one US dollar.
In a research note, MIDF Research said it expected the ringgit to appreciate against US dollar in second half of 2011, benefiting from Asia's healthy economic outlook excluding Japan.
"We reiterate our ringgit/US dollar average forecast of 2.97 for this year while 2.95 for next year," it said.
This week, the market saw support for the US dollar as a safe-haven currency on Thursday and Friday amid worries about bearish US economic outlook, Greece's debt crisis and weak Chinese data.
On a Friday-to-Friday basis, the ringgit ended lower against the US dollar at 3.0390/0420 compared with 3.0400/0450 previously.
The local currency eased against the Singapore dollar to 2.4579/4615 from 2.4528/4583 and weakened against the yen to 3.7882/7946 from 3.7769/7845.
The ringgit rose against the British pound to 4.8706/8757 from 4.9005/9095 but was lower against the euro at 4.3473/3522 from 4.3071/3151. -- Bernama
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