Ringgit Expected to Stay Cautious Against US Dollar Next Week

The Malaysian ringgit is expected to remain in a narrow trading range against the US dollar next week, according to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

This expectation comes as several Federal Reserve officials are set to share their thoughts with the public, which may provide more insights into their thought process regarding interest rate hikes.

The US Fed has forecasted another 25-basis point hike this year, and Dr Mohd Afzanizam noted that 'hence, we will see the degree of conviction for rate hike in the months to come.'

In terms of trading, the ringgit-dollar exchange rate is expected to range between RM4.06 and RM4.09 next week.