The ringgit is likely to maintain its level against the US dollar next week on cautious sentiments in the global and Asian markets, dealers said.

A dealer said the ringgit would likely hover between the 3.04 and 3.07 level against the greenback with investors likely remaining on the sidelines, awaiting the outcome from the presidential election next week.

During the week, the US experienced a downtrend in its economy after it was hit by Hurricane Sandy, which saw Wall Street closed for Monday and Tuesday.

A dealer said the US is still recovering after the hurricane but the outlook looks a little brighter after the country posted strong jobs growth figures from its payrolls data released on Friday.

"Another potential boost for the dollar would be the outcome of the US presidential election next week," he said.

Another dealer said in Europe, the market was still poised by the economic debt crisis, with major concerns on Spain, which has still not come up with the right solutions to settle its debt.

However, he said, the Bank of Japan's move to increase its assets purchase by US$138.5 billion during the week, including in risk assets such as exchange-traded funds, seems to trigger positive sentiment among the Asian currencies.

For the week just ended, the ringgit experienced "yo-yo" trading against the greenback amid the natural disaster in the US and positive sentiment in the Asian market.

On a weekly basis, the ringgit declined to 3.0520/0550 against the dollar from 3.0370/0400 last Thursday.

It also depreciated against the Singapore dollar to 2.4961/5006 from 2.4883/4904 last Thursday and gained against the yen to 3.7998/8040 from 3.7863/7915 last week's close.

The local currency however eased against the British pound to 4.9107/9164 from 4.8932/8990 last Thursday but was higher against the euro at 3.9265/9336 from 3.9493/9547.--BERNAMA