Ringgit likely to trade cautious against the greenback next week

KUALA LUMPUR: The ringgit is likely to continue its cautious trade against the US dollar next week on a lack of fresh leads, a dealer said.
"Investors are waiting on the sidelines in anticipation of the outcome of the US Federal Reserve meeting on next Tuesday and Wednesday.
"The ringgit is also likely to hover between 3.13 and 3.25 per US dollar next week," he added.
Meanwhile, Affin Hwang Investment Bank Vice-President/Head of Retail Research, Dr Nazri Khan Adam Khan said recent strong US economic data, plus hawkish comments from the Federal Reserve, had rekindled concerns that interest rates in the world's biggest economy could rise earlier than expected.
"The recent strength of the greenback and subsequent negative impact on broad commodities is viewed as a negative for stocks," he told Bernama.
On a weekly basis, the ringgit was traded easier against the US dollar at 3.2780/2800 from last Friday's 3.2730/2750. It ended the week higher against other major currencies.
The local unit appreciated against the British pound to 5.2655/2693 from 5.2712/2760 and was higher against the Singapore dollar to 2.5678/5715 from 2.5721/5743.
It strengthened against the yen at 3.0299/0331 from 3.0724/0751 and improved against the euro at 4.1483/2518 from 4.2006/2038. – Bernama