Ringgit Likely To Remain Bullish Next Week

By Zufazlin Baharuddin

KUALA LUMPUR, Nov 8 (Bernama) -- The ringgit is expected to remain bullish next week although there could be profit-taking activities due to the recent appreciation, said Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid.

He said market players will also look for a fresh lead, mainly the third quarter 2025 gross domestic product which will be announced on Nov 14.

“We believe the outturn is likely to be within the advance estimates of 5.2 per cent,” he told Bernama.

On that note, Mohd Afzanizam said the USD/MYR would linger around RM4.17 to RM4.19 next week.

On a weekly basis, the ringgit firmed against the greenback, closing higher at 4.1735/1775 compared with 4.1860/1930 last week.

The local note traded mostly higher against a basket of major currencies.

It gained against the British pound at 5.4660/4713 from 5.5025/5117 and strengthened versus the euro to 4.8154/8200 from 4.8453/8534. However, it was weaker against the Japanese yen at 2.7192/7220 from 2.7162/7210 at last week’s close.

The ringgit trended higher against its ASEAN peers.

It rose against the Singapore dollar to 3.2015/2048 from 3.2185/2241 and gained versus the Indonesian rupiah at 250.0/250.4 from 251.7/252.2 last week.

The local note was also up against the Philippine peso to 7.07/7.08 from 7.12/7.14 and strengthened against the Thai baht to 12.8999/9174 from 12.9429/9702 previously.

-- BERNAMA