Ringgit may touch 3.7 next week

THE ringgit is likely to see rangebound trading next week as investors continue to take a cautious approach in view of the current economic climate, dealers said.

A dealer said the local unit may touch the 3.700 level next week.

"But it can be as high as 3.6100, if there are fresh leads to support the local fundamentals," he added.

He said throughout the week, the local unit gained from the greenback''s weakness.

The dollar started to stumble on Wednesday after the Federal Reserve announced it was injecting another US$1 trillion into the economy, including a US$300 billion purchase of longer-term Treasuries.

"The decision pressured the dollar. As the Federal Reserve begins flooding the market with dollars, the price of the currency is expected to fall further," the dealer explained.

During the week, the ringgit was mostly higher against the US dollar, supported by strong commercial demand for the local unit.

The market on Friday also saw foreign investors buying local bonds, another dealer said.

The ringgit was firmer against the US dollar at 3.6450/6500 on Friday when compared to last Friday''s rate of 3.7010/7060.

The local unit on Friday was also strong despite the inflation rate in February increasing to 3.7 per cent when compared to the same period last year. said.

Against the Singapore dollar, the ringgit was lower at 2.4128/4183 from 2.3989/4043 last Friday and weakened against the yen at 3.8523/8600 from 3.7577/7640 previously.

The ringgit dipped against the British pound to 5.3031/3115 from 5.1884/1969 last Friday while against the euro, the ringgit was weaker at 4.9831/9921 from 4.7850/7930. -- Bernama


maksud die kat cni RINGGIT MALAYSIA lagi firm compare to AMERIKA SYARIKAT.
tapi cmne pn mybe mggu depan US firm sket dari mggu ni(ringgit cecah 3.7 blik)
sebab dowg wat injection 3 trilion tu..ade pahem??
..so,harge2 unit amanah yang rendah skg ni bleh jd mahal nex week..sebab tu spe2 y nak bli ASB,PUBLIC MUTUAL sume kne skang..harge tgah murah..
by nex 2-3 weeks da bleh redeem daa,if nakla sbab da de profit..
tapi better tggu g 2-3 taun..g mashuuk!!!