RINGGIT EXPECTED TO BE FIRMER AGAINST US DOLLAR NEXT WEEK

KUALA LUMPUR, Sept 18 (Bernama) -- The ringgit is likely to be firmer
against the US dollar next week, taking the cue from the positive developments
on the local bourse.

They said the strong domestic fundamentals were expected to boost the
bourse.

A dealer said the movements of the local unit would also depend on the
performances of other Asian currencies as investors expected better regional
economic growth.

"The ringgit is expected to move between 3.10 and 3.11 against the dollar
throughout next week. The stronger ringgit will be able to attract more foreign
funds into the country, he said.

Another dealer said a key announcement by the government, such as the
details of Economic Transformation Programme next week, was also expected to
provide a catalyst to the local market.

For the week just-ended, the ringgit was traded firmer on continuous demand
for the local currency boosted by the positive performance on the stock market
as well as Asian currencies.

On Wednesday, the ringgit was lower due to profit-taking.

The market was closed last Friday for Aidil Fitri.

On a Thursday-to-Friday basis, the ringgit appreciated to 3.1010/1040
against the US dollar from 3.1100/1120 last Thursday.

It declined against the Singapore dollar to 2.3237/3273 from 2.3178/3203
last Thursday.

It, however, rose against the yen to 3.6097/6129 from 3.7130/7176
previously.

Against the British pound, it depreciated to 4.8710/8770 from 4.7888/7928
last Thursday and also against the euro to 4.0762/0794 from 3.9562/9591
previously.
-- BERNAMA


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