Ringgit to weaken further against US dollar
Zarul Effendi RazaliPublished: Jan 3, 2015 5:57 PM | Updated: Jan 3, 2015 6:00 PM
The ringgit is expected to weaken further against the US dollar next week due to lower commodity prices, which will drive investors to turn to the safe haven currencies currently, a dealer said.
A dealer says lower commodity prices will cause the ringgit to slide next week.
The ringgit is expected to weaken further against the US dollar next week due to lower commodity prices, which will drive investors to turn to the safe haven currencies currently, a dealer said.
He added that investors were also cautious on Malaysia's trade data announcement due out on Jan 10, which is expected to record the first deficit since 1998.
"This would result in the ringgit to weaken further," he told Bernama.
For the week just ended, the ringgit fell to 3.5150/5170 against the US dollar from last Friday's 3.4890/4920.
The "dollar-buying" sentiment continued to dominate trading on the local market, which saw the greenback rising to its highest level in nearly nine years at the end of the trading week.
The political tension in Greece has also resulted in more investors shifting to the safe haven currencies.
The ringgit was traded mostly lower against other major currencies.
It depreciated against the yen to 2.9202/9228 from 2.8986/8023 last Friday and declined versus the British pound to 5.4588/4630 from 5.4264/4325 previously.
The local unit strengthened against the euro to 4.2345/2380 from last Friday's 4.2538/2578 and weakened vis-à-vis the Singapore dollar at 2.6450/6471 compared to 2.6400/6433 previously.
- Bernama
He added that investors were also cautious on Malaysia's trade data announcement due out on Jan 10, which is expected to record the first deficit since 1998.
"This would result in the ringgit to weaken further," he told Bernama.
For the week just ended, the ringgit fell to 3.5150/5170 against the US dollar from last Friday's 3.4890/4920.
The "dollar-buying" sentiment continued to dominate trading on the local market, which saw the greenback rising to its highest level in nearly nine years at the end of the trading week.
The political tension in Greece has also resulted in more investors shifting to the safe haven currencies.
The ringgit was traded mostly lower against other major currencies.
It depreciated against the yen to 2.9202/9228 from 2.8986/8023 last Friday and declined versus the British pound to 5.4588/4630 from 5.4264/4325 previously.
The local unit strengthened against the euro to 4.2345/2380 from last Friday's 4.2538/2578 and weakened vis-à-vis the Singapore dollar at 2.6450/6471 compared to 2.6400/6433 previously.
- Bernama
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