The Malaysian ringgit is expected to stay weak against the US dollar next week, trading between RM4.07 and RM4.10. This forecast comes as the greenback remains strong due to expectations of further interest rate hikes by the US Federal Reserve (Fed). Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that investor sentiment continues to favor the dollar, especially with anticipation of a significant rate increase in December.
Traders are also closely monitoring the upcoming release of US retail sales data for October, due on November 17. Analysts predict a 0.2 percent month-on-month increase, down from 0.8 percent in September. The ringgit has already depreciated against the dollar this week, moving from 4.0565/0610 to 4.0845/0890.
Despite its weakness against the dollar, the ringgit has strengthened against other major global currencies, including the Japanese yen, British pound, and euro. It also gained ground against key ASEAN currencies like the Thai baht, Philippine peso, and Indonesian rupiah, though it eased slightly against the Singapore dollar.