Ringgit likely to trade higher next week
The ringgit is expected to see choppy sideways trading next week against the US dollar on concern over earlier end to the US Federal Reserve's (Fed) quantitative easing programme (QE3), an analyst said.
Affin Investment Bank vice president and head of retail research, Dr Nazri Khan, said the market was likely to see a volatile swing trade due to the possible earlier-than-expected end to QE3, which would cause the ringgit to depreciate 1.5 per cent week-on-week from 3.13 to 3.18.
"We, however, view the tabling of Budget 2014, which reiterates the government's commitment to improve public finance to eventually lend support to the local note," he told Bernama.
For the week just-ended, the ringgit was traded lower versus the greenback at 3.1710/1740 from 3.1550/1585 last Friday.
It fell against the Singapore dollar to 2.5523/5549 from last Friday's 2.5516/5546.
Against the yen, the ringgit, however, appreciated to 3.2278/2312 from 3.2492/2532 last week, and improved to 5.0765/0819 from 5.1152/1212 against the British pound previously.
Against the euro, the local unit increased to 4.2929/2973 from 4.3602/3654 previously.-- Bernama