By Siti Noor Afera Abu<\/p>\n\n\n\n
KUALA LUMPUR, Sept 9\u00a0(NNN-Bernama) — The Malaysian ringgit is likely to stay at the current level against the US dollar, at 4.66 to 4.68, as monetary policy action will continue to take centre stage with a US Federal Reserve (Fed) meeting next week.<\/p>\n\n\n\n
Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the ringgit is likely to maintain its course, whereby it will remain in a weak trajectory as the Fed is expected to keep its restrictive monetary stance.<\/p>\n\n\n\n
Plus, higher crude oil prices seem to suggest that inflation might take a while to recede towards the two per cent target, which necessitates keeping the benchmark interest rate high.<\/p>\n\n\n\n
The European Central Bank\u2019s (ECB) governing council will meet on Thursday next week with a consensus that there will be no change in the policy rate.<\/p>\n\n\n\n
\u201cHaving said that, the ringgit is in an oversold condition, and the tight monetary stance has already been priced in.<\/p>\n\n\n\n
\u201cTherefore, it may need new information for it to weaken further. As such, until the Federal Open Market Committee (FOMC) reconvenes on Sept 19-20, the ringgit could range between RM4.66 to RM4.68 against the US dollar next week,\u201d Mohd Afzanizam told Bernama.<\/p>\n\n\n\n
On a Friday-to-Friday basis, the ringgit was lower against the US dollar at 4.6745\/6795 from 4.6445\/6485 a week earlier.<\/p>\n\n\n\n
The local unit was, however, traded higher against other major currencies.<\/p>\n\n\n\n
It appreciated against the British pound to 5.8352\/8414 from 5.8878\/8929 the previous Friday, rose against the euro to 5.0031\/0085 from 5.0388\/0432 and was higher vis-a-vis the Japanese yen to 3.1741\/1777 from 3.1939\/1968 from previously.<\/p>\n\n\n\n
Similarly, the ringgit traded mixed against its ASEAN peers.<\/p>\n\n\n\n
The local unit improved against the Singapore dollar to 3.4277\/4312 from 3.4386\/4418 a week earlier and increased against the Thai baht at 13.1591\/1787 from 13.2677\/2852 last Friday.<\/p>\n\n\n\n
It weakened vis-a-vis the Philippine peso to 8.25\/8.26 from 8.21\/8.22 last week and inched down against the Indonesian rupiah to 304.9\/305.4 from 304.6\/305.1.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
By Siti Noor Afera Abu KUALA LUMPUR, Sept 9\u00a0(NNN-Bernama) — The Malaysian ringgit is likely to stay at the current level against the US dollar, at 4.66 to 4.68, as monetary policy action will continue to take centre stage with a US Federal Reserve (Fed) meeting next week. Bank Muamalat Malaysia Bhd chief economist and […]<\/p>\n","protected":false},"author":30,"featured_media":216467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/235940"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=235940"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/235940\/revisions"}],"predecessor-version":[{"id":235941,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/235940\/revisions\/235941"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/216467"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=235940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=235940"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=235940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}