Ringgit Stuck in a Narrow Range Ahead of Fed Speeches

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

The Fed officials' speeches are likely to provide insights into their thought process regarding interest rate hikes, particularly with the risk of higher fuel prices looming on the horizon.

The US Federal Reserve forecast suggests another 25-basis point hike this year, which could impact the ringgit's value against the dollar.

Dr. Mohd Afzanizam expects the ringgit-dollar exchange rate to remain between RM4.06 and RM4.09 next week, reflecting a cautious market sentiment.