Ringgit poised for technical correction against US dollar next week
KUALA LUMPUR, Oct 16 — The ringgit is expected to experience some technical correction in the coming days, trading in the range of RM4.15 to RM4.16 against the US dollar during the holiday-shortened week, an analyst said.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the ringgit, which was traded higher for six straight days before retreating on Friday, could see further correction as investors may want to cash in some gains.
“Despite that, the ringgit appears to be fairly constructive in view of the elevated levels of commodity prices, namely Brent crude, liquefied natural gas and crude palm oil, which will help underpin Malaysia’s economic recovery.
“The uplift of the interstate travel ban has also been a boon to the country’s economy as tourism-related industries such as aviation, hotel, food and beverages, and ente