Ringgit to be easier versus greenback next week

The ringgit is expected to be easier versus the US dollar next week due to several factors including the uncertain local sentiment, which would weigh on the ringgit's performance.

"However, we expect a positive outcome from the meeting between the Finance Ministry and Fitch International Rating Agency to discuss Malaysia's sovereign rating.

"We expect Malaysia's robust banking system, resilient economic fundamentals and strong initiatives on fiscal consolidation to give positive indicators to the rating agency hence improve the local currency," Affin Investment Bank's vice-president/head of retail research Dr Nazri Khan told Bernama.

Throughout the week, the ringgit was traded mostly lower on lack of demand.

Another dealer said traders remained on the sidelines following the recent Organisation of the Petroleum Exporting Countries meeting.

He said as Malaysia is a net exporter of oil, any movement in the oil prices (from the outcome of the meeting) would affect the local currency.

On a weekly basis, the ringgit traded lower against the US dollar at 3.7170/7200 from last Friday's 3.6660/6690.

It also weakened against the other four major currencies. It declined against the Singapore dollar to 2.7568/7601 from 2.7182/7222 last Friday and fell marginally versus the yen to 2.9793/9822 from 2.9603/9634, last week.

The local currency declined against the British pound to 5.6885/6946 from 5.6009/6073 and eased against the euro to 4.1842/1887 from 4.0172/0212 last Friday.