Ringgit's uptrend likely to continue

The ringgit is expected to continue its uptrend next week, supported by positive external factors and returning traders from holiday breaks.

A dealer said traders would remain focused on shifting their investments to emerging Asian markets after the US Federal Reserve's announcement to maintain low interest rates until 2014, pushing the ringgit and other regional currencies to extend gains.

The market will be waiting for Bank Negara Malaysia's monetary policy statement on Tuesday as well the outcome of negotiations over Greece's debt with private creditors.

The market will be closed on Wednesday for the Federal Territory Day.

This week, despite mild profit taking on Friday, the ringgit jumped to 3.0760/0790 per US dollar at closing from 3.1060/1090 a week earlier, supported by foreign funds in the absence of local traders.

It also strengthened against the Singapore dollar to\ 2.4187/4230 from 2.4330/4359 and firmed up against the yen to 3.9408/9462 from 4.0185/0250.

The local unit appreciated against the British pound to 4.7736/7793 from 4.8030/8079 and gained against the euro to 3.9835/9880 from 4.0135/0187.

The market was closed in Monday and Tuesday for Chinese New Year celebrations. -- Bernama