Ringgit likely to remain at the current level next week
Publish date: Sat, 01 Aug 2015, 03:15 AM
KUALA LUMPUR: The ringgit is expected to remain steady at the current level of 3.81 level against the US dollar next week due to lack of market moving factors.
Despite the generally weak market sentiment, a dealer said the ringgit remained supported as investors,unnerved by the latest political development, continued to buy Malaysian assets.
Furthermore, foreign holdings of ringgit-denominated bonds, which were still high at between 45 and 47 per cent, also kept the ringgit supported.
"The ringgit is definitely undervalued at the current level as it does not reflect the country's strong fundamentals.
"Prevailing hints and talks over a possible US interest rates hike has fuelled the dollar's strength for so long, causing many emerging regional currencies to succumb to selling pressure including the ringgit," he added.
For the just-ended week, the ringgit traded lower against the US dollar at 3.8230/8260 from 3.8080/8100 recorded last Friday.
The local currency also fell against the Singapore dollar to 2.7775/7799 from 2.7763/7798 last week and weakened against the yen to 3.0771/0800 from 3.0715/0733 last Friday.
It declined against the pound sterling to 5.9509/9563 from 5.8978/8017 last week and was easier against the euro at 4.1816/1860 from 4.1652/1678 previously. - BERNAMA
Discussions
Be the first to like this. Showing 12 of 12 comments
I would like another USD700 million donation from the middle east so that we do not have to pay GST and get cheaper petrol price!
2015-08-03 18:58
Actually...things may start looking good for Malaysians.
PM's guilty conscience and fear...
will drive for steps to please the public
2015-08-03 19:38
PM want to table in parliament, all political parties to make full disclosure of donation. PM will reveal who gave usd700 million in 2013 provided other political parties like DAP, PKR and PAS also do so. usd700 million in 2013 was small amount considering at that time oil was usd100.
2015-08-03 23:29
You guys are paying GST to pay back the US700 millions being used for election.
2015-08-03 23:38
...country of the apes.
the ministers..truly don't have a maruah diri...worst than the street prostitutes.
n everytime bring their special god to justify their doing..
...sayings n teachings.
I think deep inside the apes know there is no heaven/hell..
they believe in.. 'just ..ck while u r alive!
2015-08-03 23:43
RM4? You really think BN will suffer? They benefit the most from weakening RM. It's we who import goods that going to suffer. Many business will suffer. For BN supporters, 41.60 a month is good enough. Can you live on 41.60 a month?
2015-08-03 23:54
Do you know at RM4, our export of crude oil value at usd60 per barrel at usd48 market rate? So you see how much weakening RM actually benefit BN? Or did they do it on purpose?
2015-08-04 00:00
If the ringgit weaken, all malaysian will suffer. Most goods and raw materials are imported whether directly or indirectly.
2015-08-04 09:00
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