Ringgit Expected to Hover Around RM4.06-4.08 vs USD Next Week

The Malaysian ringgit is expected to remain steady against the US dollar next week, despite external developments that could influence market sentiment.

This prediction comes from Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, who noted that expectations of a rate hike by the US Federal Reserve have supported the US dollar.

The Fed's Federal Open Market Committee (FOMC) and BOJ monetary policy meetings are set to take place next week, with both central banks expected to raise their respective policy rates by 25 basis points.

Afzanizam said that market participants will closely monitor the Fed's latest economic projections for gross domestic product growth, inflation, unemployment rate, and federal funds rate.