The ringgit is expected to be softer against the US dollar and trade between RM4.45 and RM4.48 next week, as investor sentiment is dampened by expectations of US interest rates increase.
Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the US Federal Reserve chair, Janet Yellen, had already hinted of further interest rate increases following a strong employment and inflation data released last Wednesday.
"Bank Negara Malaysia's decision to maintain the overnight policy rate at 3.00 per cent is also seen as dovish, and coupled with the softer commodity prices, it will drag the ringgit lower," he told Bernama.
Meanwhile, Hong Leong Research said the ringgit had strengthened 0.22 per cent week-on-week to 4.4490 against the greenback but slipped against the currencies of seven of the G10 countries amid signs of unsustainable recovery in oil prices.
"We are slightly bearish on the ringgit against the US dollar next week, as the anticipated retreat in market activity ahead of the Chinese New Year holidays will stem buying support.
"However the local note could still advance if oil prices recover further and on a softer US dollar, but we reckon gains will be modest at best," it said.
For the week just-ended, the ringgit was traded higher at 4.4450/4480 against the greenback compared with last Friday's 4.4600/4640.
The local note also ended mostly higher against other major currencies except for the British pound.
The ringgit appreciated versus the Singapore dollar to 3.1112/1135 from 3.1243/1282 last Friday, increased against the yen to 3.8619/8648 from 3.8898/8949 and improved against euro to 4.7321/7358 from 4.7468/7524.
It fell against the British pound to 5.4625/4679 from 5.4439/4497 previously. -- Bernama
Bernama
Sat Jan 21 2017
Hong Leong Research says ringgit had strengthened 0.22 per cent week-on-week to 4.4490 against the greenback but slipped against the currencies of seven of the G10 countries amid signs of unsustainable recovery in oil prices.
Millions in Cuba still without power as major outage persists
Millions of Cubans remain without electricity because of a prolonged outage at the main power plants on the island, Anadolu Agency reported.
Surge in Gaza violence increases famine risk, monitor says
About 1.84 million people across the besieged Palestinian enclave are living through high levels of acute food insecurity.
Israel pounds Beirut and Gaza after rockets hit Israel's north
A drone was launched at Prime Minister Benjamin Netanyahu's holiday home.
Elon Musk promises to award $1 mil each day to a signer of his petition
He awarded a $1 million check to an attendee of his event in Pennsylvania aimed at rallying supporters behind Donald Trump.
Former special forces commander Prabowo to take up Indonesian presidency
Indonesia's Prabowo Subianto will take over as president of the world's third-largest democracy after sweeping the country's election with policies like free meals for school children
Father of Malaysian Islamic banking, Abdul Halim Ismail passes away
His dedication and pioneering spirit played an important role in shaping the journey of Bank Islam as well as leaving a lasting impact on the development of Malaysia's Islamic finance industry.
Zayn Malik postpones US tour dates after One Direction bandmate Liam Payne's death
Payne, 31, died on Wednesday after falling from a third-floor hotel room balcony in Buenos Aires, shocking fans of the boy band.
Why voters in a handful of swing states will decide the US presidential election
The contest will almost certainly be decided by just tens of thousands of voters a tiny fraction of the populace in a handful of states.
INSIGHT - Sudan's war risks 'lost generation' of children
A devastating crisis is unfolding in Sudan, where the most vulnerable members of society children are bearing the brunt of the violence.
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Trump says he would impose tariffs on China if China went into Taiwan
Republican presidential candidate Donald Trump said he would impose additional tariffs on China if China were to "go into Taiwan,"
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.