`


THERE IS NO GOD EXCEPT ALLAH
read:
MALAYSIA Tanah Tumpah Darahku

LOVE MALAYSIA!!!


 


Saturday, August 8, 2015

'4.05 OVER THE NEXT 30 DAYS'? Ringgit to ease further against U.S. dollar next week - dealers

'4.05 OVER THE NEXT 30 DAYS'? Ringgit to ease further against U.S. dollar next week - dealers
KUALA LUMPUR - The ringgit is expected to depreciate further against the US dollar next week, as falling commodity prices coupled with domestic political development will hurt investor confidence further, a dealer said.
The dealer said consistent talks over a possible US interest rates hike next month has prolonged the greenback's strength, with most emerging Asian currencies succumbing to selling pressure including the ringgit.
Last Thursday, the ringgit breached 3.9000 against the dollar for the first time since the Asian financial crisis 17 years ago, amid political tensions. The local note was pegged at 3.80 per dollar from 1998 to 2005 during the Asian financial crisis by the then Prime Minister Tun Dr Mahathir Mohamad.
Capital Advisors Currency Trader, Justin Herling, told Bernama that other factors such as declining oil prices and China's struggling economy had largely contributed to the depreciation of the ringgit.
He predicted the ringgit to further depreciate to 4.05 over the next 30 days.
"However we see this as a short-term correction but in the long term fundamentals still remain strong," he added.
For the week just ended, the ringgit traded lower against the US dollar at 3.9220/9250 from 3.8230/8260 recorded last Friday.
The local currency also fell against the Singapore dollar to 2.8291/8317 from 2.7775/7799 last Friday and weakened against the yen to 3.1429/1458 from 3.0771/0800 previously.
It declined against the pound sterling to 6.0881/0943 from 5.9509/9563 last week and was easier against the euro at 4.2836/2885 from 4.1816/1860 previously. – Bernama

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.