Ringgit likely to trade between 3.45 and 3.50 against US$
Published on: Sunday, December 21, 2014
KUALA LUMPUR: The ringgit is likely to trade in the range between 3.45 and 3.50 level against the US dollar next week in the face of weaker crude oil prices, a dealer said.He said the US Federal Reserve's (Fed) position not to raise the interest rate in near term helped ease the pressure on the local unit, but the underlying sentiment was still weak and dictated by oil prices and equity market.The ringgit reached its two-week high on Thursday as the Fed signalled that it was on track to raise interest rates next year, after falling to a five-year low of 3.5040 the previous week on slumping crude oil prices.
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"Ringgit will be under pressure and even test the 3.5 level, depending on foreign funds' sentiment and the movement of crude oil prices," the dealer said.For the week just-ended, the ringgit soared to 3.4750/4780 against the US dollar from last Friday's 3.4940/4960.Stay up-to-date by following Daily Express’s Telegram channel.
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