Ringgit likely to trade higher next week
The ringgit is expected to trade higher next week, following improving external and local market sentiment, dealers said.
The fiscally prudent Budget 2014 announced by Prime Minister Datuk Najib Razak on Friday is likely to push the local currency market higher next week, said Affin Investment Bank vice president and head of retail research, Dr Nazri Khan.
He noted that the budget announcement would encourage investors by improving fiscal credibility, and enhance the market psychology of traders.
"Of course we can see the signs already a few days before Budget 2014, the ringgit has been strong, the ringgit is the best currency performer in Asia for this week as it has gained 2.1 per cent," he told Bernama.
On the international side, Nazri said expectations of the US Federal Reserve maintaining its quantitative easing programme into first quarter 2014 would continue to underpin bullish investor sentiment.
Meanwhile, for the week just ended, the ringgit was a little changed against the greenback at 3.1550/1585 from 3.1550/1580 last Friday.
It fell against the Singapore dollar to 2.5516/5546 from last Friday's 2.5478/5511.
Against the yen, the ringgit depreciated to 3.2492/2532 from 3.2233/2267 last week, and weakened to 5.1152/1212 from 5.1067/1125 against the British pound.
Against the euro, the local unit declined to 4.3602/3654 from 4.3192/3236 previously.-- Bernama