Ringgit to face range-bound trading

The ringgit is expected to see range-bound trading next week as investors are likely to stay on the sidelines amid a wobbly global economic outlook, dealers said.

They said with the lack of progress in the eurozone debt crisis, investors were unlikely to take heavy positions.

The ringgit is expected to trade between 3.14 and 3.17 next week.

Meanwhile, Bank Negara Malaysia (BNM) has decided to maintain the Overnight Policy Rate at three per cent at its Monetary Policy meeting yesterday.

BNM said domestic demand would continue to be the anchor of growth, supported by private consumption and investment and reinforced by public sector spending and investment activities.

It said global growth momentum has moderated in recent months.

For the week just-ended, the ringgit fell against the US dollar at 3.1410/1450 compared with 3.1105/1150 previously.

It was quoted higher at 2.4362/4400 against the Singapore dollar from 2.4513/4564 last week but weakened against the yen to 4.0571/0649 from 3.9841/9921 last Friday.

The ringgit fell against the British pound to 4.992/9062 from 4.9754/9849 previously.

It appreciated against the euro to 4.2865/2936 from 4.2912/2990 last week.(Bernama)