Ringgit likely to remain steady against greenback next week

KUALA LUMPUR: The ringgit is expected to remain steady against the US dollar next week, supported by crude oil prices, which stayed at above US$64 per barrel.
Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan said the local note would likely be traded at the 3.90- level as the recovery in commodities was a good sign for the local note.
"With tensions subsiding between the US and North Korea over nuclear-related issues, I foresee risk appetite to resume next week," he added.
On a Friday-to-Friday basis, the local note finished lower at 3.9100/9140 from 3.9020/9050 against the greenback in the previous week.
The ringgit traded mostly lower against a basket of major currencies.
It declined against the Singapore dollar to 2.9653/9694 from 2.9532/9565, went down against the euro to 4.8093/8158 from 4.7901/7946 and depreciated further against the British pound at 5.3997/3060 from last Friday's 5.3742/3795.
The local unit, however, strengthened against the yen to 3.6610/6662 from 3.6888/6934. — Bernama