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Ringgit seen strengthening next week
by hlk Sat 17 Dec 2011, 12:00
The ringgit is expected to see positive trading against the US dollar next week due to the increase in investor appetite for emerging currencies, dealers said.
A dealer said the local unit was expected to move between 3.12 and 3.13 against the greenback.
However, he said, the investors were still cautious amid the brittle global economic outlook and hoped the European leaders could come out with solid pact to avoid double-dip recession.
For the week just-ended, the ringgit suffered four straight days of losses against the US dollar. It, however, bounced back on Friday.
On a Friday-to-Friday basis, it fell against the dollar at 3.1770/1790 compared with 3.1470/1510 last week.
It weakened against the Singapore dollar to 2.4360/4394 from 2.4193/4242 previously and fell against the yen to 4.0767/0809 from 4.0486/0559 last week.
Against the British pound, the ringgit was lower at 4.9320/9360 from 4.9172/9244 previously but strengthened against the euro to 4.1377/1419 from 4.1975/1034 last week. -- Bernama
A dealer said the local unit was expected to move between 3.12 and 3.13 against the greenback.
However, he said, the investors were still cautious amid the brittle global economic outlook and hoped the European leaders could come out with solid pact to avoid double-dip recession.
For the week just-ended, the ringgit suffered four straight days of losses against the US dollar. It, however, bounced back on Friday.
On a Friday-to-Friday basis, it fell against the dollar at 3.1770/1790 compared with 3.1470/1510 last week.
It weakened against the Singapore dollar to 2.4360/4394 from 2.4193/4242 previously and fell against the yen to 4.0767/0809 from 4.0486/0559 last week.
Against the British pound, the ringgit was lower at 4.9320/9360 from 4.9172/9244 previously but strengthened against the euro to 4.1377/1419 from 4.1975/1034 last week. -- Bernama
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