Malaysian Ringgit To Trade In Flat Mode Against US Dollar Next Week

KUALA LUMPUR, Nov 3 (Bernama) -- The Malaysian ringgit is expected to trade in range bound trading against the US dollar next week, weighed by external factors, said a dealer. FXTM Global Head of Currency Strategy and Market Research Jameel Ahmad said upcoming mid-term elections in the United States next week was seen as a pivotal threat to emerging market currencies, including the ringgit. “You can't predict political events in the modern day but the strongest opportunity for the ringgit to advance against the US dollar over the upcoming period would be for the dollar to be heavily sold off by investors during the mid-term elections. “Another jump higher in the US dollar is not exactly something that one could rule off the table. It also presents the most significant risk to a potential return of 4.20 level in the USD/MYR,” he said. For the week just-ended, the ringgit was traded higher versus the greenback. On a Friday-to-Friday basis, the local note strengthened to 4.1600/1650 against the US dollar from 4.1730/1770 last week. Against a basket of major currencies, the local note, however, traded mostly lower. It depreciated against the Singapore dollar to 3.0321/0362 from 3.0154/0189 last Friday but vis-a-vis the Japanese yen, the ringgit rose to 3.6889/6940 from 3.7282/7321. The local currency fell against the British pound to 5.4196/4266 from 5.3419/3495 and weakened against the euro to 4.7582/7643 from 4.7384/7438 last Friday. -- BERNAMA