Ringgit Likely To Rebound To 4.10 Versus US Dollar Next Week

By Niam Seet Wei KUALA LUMPUR, Nov 5 (Bernama) -- The ringgit is likely to rebound to the 4.10 level against the US dollar next week amid raised expectations that Democratic presidential nominee Hillary Clinton would win the presidency, dealers said. "If Clinton wins the election, that means there will be a continuance in policies, causing the ringgit to rebound," said Affin Hwang Investment Bank Vice-President/Head of Retail Research, Dr Nazri Khan Adam Khan. The ringgit, however, would be weighed down if Republican presidential nominee Donald Trump wins the election, he said. Nazri said the 14 agreements worth US$34.2 billion (RM144 billion) signed between Malaysia and China during Prime Minister Najib Razak's visit to the world's second largest economy would also strengthen the ringgit as the deals are expected to draw more foreign direct investments to the country. "Meanwhile, the stabilising crude oil prices, which are expected to hit US$50 per barrel from the current price range of US$44-US$45 per barrel, will also lend support to the local note," he told Bernama. For the week just ended, the ringgit remained flat at 4.1970/1020 against the greenback last Friday, but ended lower against other major currencies. The ringgit fell against the Singapore dollar to 3.0288/0333 from 3.0080/0126 last Friday and eased against the yen to 4.0759/0820 from 3.9865/9924. It went down against the British pound to 5.2370/2445 from 5.0960/0037 and depreciated against the euro to 4.6583/6642 from 4.5777/5848 last Friday. -- BERNAMA