The value of the ringgit is expected to trade in an increasing range against the US dollar throughout this week. This morning, the local currency rose to 4.7569 which is an increase of 0.82% compared to last week's close which was 4.7281.
SPI Asset Management Managing Director, Stephen Innes said that the ringgit will experience a slight setback this week as strong US jobs data will see the US dollar strengthen.
According to Afzanizam, the global growth forecast recorded by the International Monetary Fund (IMF) shows from 2.9% to 3.1%.
This means a strengthening in global growth and reduces concerns about weak growth as global interest rates may be on a lower trajectory.
However, the local currency is trading mostly higher than a group of major currencies.
It improved against the Japanese yen to 3.1999 from 3.2142, strengthened against the British pound to 5.9976 and rose against the euro to 5.1252.
In addition, the ringgit is traded low compared to other Asean currency groups.
It was slightly weaker against the Singapore dollar at 3.5379 compared to last week's 3.5309, also low against the Indonesian rupiah and the Philippine peso.
