Ringgit Stuck in Tight Range Ahead of Key Rate Hikes

The ringgit is expected to trade within a narrow range against the US dollar next week, with investors remaining cautious ahead of key monetary policy decisions by the United States Federal Reserve (Fed) and the Bank of Japan (BOJ).

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that market participants will be watching closely for the Fed's latest economic projections, which include GDP growth, inflation, unemployment rate, and the federal funds rate.

The ringgit may remain within a tight range of RM4.06 to RM4.08 against the US dollar due to expectations of a rate hike by the US Fed.