Ringgit Range-Bound as Fed Officials' Speeches Loom

The Malaysian ringgit is expected to remain in a tight range against the US dollar next week due to upcoming speeches by several Federal Reserve officials, according to Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd.

Afzanizam noted that these speeches will provide further insights into the Fed's thinking on potential rate hikes, with a 25-basis point increase already forecasted for this year. He added that if fuel prices persist to rise, this could influence market sentiment and the ringgit's value.

On a Friday-to-Friday basis, the ringgit weakened against the US dollar to RM4.0795/0840 from RM4.0685/0725 last week. However, it gained ground against other major currencies such as the British pound, Japanese yen, and euro.