Where is the Ringgit Heading Throughout This Week?


The ringgit is expected to remain low throughout the week in the range of RM4.76 to RM4.77 against the US dollar.

Some also think that it will move positively because the market is expected to continue its recovery last Friday despite the lower Gross Domestic Product (GDP) 2023 data.

Bank Muamalat Malaysia Bhd's Chief Economist, Dr Mohd Afzanizam Abdul Rashid said the ringgit is generally on a low trend as the United States (US) economy is relatively strong compared to other G7 countries.

Therefore, the US dollar is expected to be in high demand in the market.

He said again, the market expects the Fed not to loosen its strict stance on its monetary policy and this will provide an additional advantage for the dollar.

Last week, local currencies traded mixed amid the announcement of Malaysia's Gross Domestic Product (GDP) for the fourth quarter of 2023, the forecast of a US interest rate cut and positive sentiment in the equity market.

At exactly 10.45am, the ringgit remained at 4.7778 which is the same as it closed last week.

However, the ringgit traded lower against the US dollar at 4.7765/7820 compared to 4.7595/7705 a week earlier.

The local note also traded easier against other major currencies, except that it rose against the Japanese yen to 3.1780/1818 from 3.1849/1925 a week earlier.

It eased against the British pound to 6.0117/0186 from 6.0017/0156 and depreciated against the euro to 5.1419/1478 from 5.1241/1359 previously.

The ringgit is trading low against several Asean currencies.

It eased against the Singapore dollar to 3.5479/5522 from 3.5342/5429 a week ago and fell against the Indonesian rupiah to 305.7/306.1 from 304.3/305.2 previously.

The ringgit eased against the Philippine peso to 8.53/8.55 from last week's closing rate of 8.51/8.55 and fell against the Thai baht to 13.2559/2763 from 13.2540/2902 last Friday.