ID :
396187
Sat, 02/06/2016 - 11:41
Auther :

Ringgit Likely To Trade Higher At 4.10 Against US Dollar Next Week

KUALA LUMPUR, Feb 6 (Bernama) -- The ringgit is likely to trade at 4.10 against the US dollar next week on expectation of higher global crude oil prices and improved risk appetite for the local note, analysts said. Crude oil futures steadied on Friday ahead of the Chinese New Year on thin trading with benchmark Brent trading briefly above US$34 per barrel. Hwang Investment Bank Vice-President and Head of Retail Research Dr Nazri Khan Adam Khan said the announcement of the recalibrated 2016 Budget helped boost investor confidence in the local equity market. "The recalibration (Budget 2016) exercise should cheer up investors as we expect it to attract more private investments and icrease foreign fund inflow to the country. "With some pro-growth measures which includes reduced Employees Provident Fund contribution and continuity of projects, we reckon the recalibration will benefit selective players in the consumer and construction sectors," he told Bernama. He said the US dollar, which has lost ground following growing expectation of a slower Federal rate increase, also lent some support for the local unit. For the week just-ended, the ringgit eased marginally to 4.1520/1620 from 4.1500/1600 against the greenback last Friday mainly due to the movement of crude oil prices. It fell against the Singapore dollar to 2.9672/9754 from 2.9143/9228 last Friday and eased against the yen to 3.5514/5612 from 3.4337/4429 . The ringgit went down against the British pound to 6.0312/0478 from 5.9598/9758 and depreciated against the euro to 4.6469/6598 from 4.5206/5323 last Friday. The foreign exchange market will be closed on Feb 8-9 for the Chinese New Year celebration. -- BERNAMA

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