Ringgit set to continue cautious trade

The ringgit is expected to continue its cautious trade against the US dollar next week as the market lacked clear direction on what the outcome of the with arising concern over the contagion in Europe.

A dealer said the ringgit was expected to trade within a narrow range of between 2.975 and 2.98 per US dollar.

"Investors are turning to the safe-heaven currencies due to the Euro current pressure, as debt problems mount," he added.

Another dealer said the reaction from credit rating agencies on the US rating will also impact the dollar's movement next week.

The ringgit hit a 14-year high of 2.9538 per dollar mid-week, before finishing at 2.9670/9720 on Friday, against 2.9750/9775, previously.

It depreciated against the Singapore dollar to 2.4594/4635, from 2.4593/4634, last Friday, and rose against the yen to 3.8220/8299, against 3.7874/7920, previously.

However, the ringgit appreciated against the British pound to 4.8312/8405, from 4.8472/8527, last week, and gained against the euro to 4.2354/2431, from 4.2849/2894 previously. -- Bernama