KUALA LUMPUR, April 2 — The ringgit is expected to continue to trade in a volatile mode next week, as mixed signals from global economic developments are expected to keep more investors on the sidelines, an analyst said.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the local unit was likely to linger at the current level given the continued uncertainties over the war in Ukraine and volatility in commodity prices in particular.
However, he said, better economic prospects following the reopening of international borders on Friday (April 1) would also influence the value of the ringgit next week.
“The recent statement from Bank Negara Malaysia also suggests that the central bank remains guarded on the evolving outlook although borders’ reopening and improving external will anchor the Malaysian economic performance this year.
“As such, we expect the ringgit to stabilise at around RM4.20 to RM4.21 next week,” he told Bernama.
On a weekly basis, the ringgit was lower against the greenback at 4.2110/2135 on Friday from 4.2080/2110 a week ago.
The local currency was traded mixed against a basket of major currencies on a Friday-to-Friday basis.
The ringgit rose against the Japanese yen to 3.4376/4399 from 3.4608/4633 a week earlier but eased vis-a-vis the Singapore dollar to 3.1061/1082 from 3.1021/1045.
The local unit strengthened against the British pound to 5.5286/5319 from 5.5394/5434 previously but declined versus the euro to 4.6557/6584 from 4.6305/6338.
— Bernama
