RINGGIT EXPECTED TO WEAKEN AGAINST US DOLLAR NEXT WEEK

16 Jul 2013 07:53

KUALA LUMPUR, July 13 (Bernama) -- The ringgit is expected to weaken further against the US dollar next week as investors turned cautious on China's growth prospects, dealers said.

A dealer said attention will be on China's release of its gross domestic product data on Monday.

The dealer said US Federal Reserve's recent announcement to keep stimulus programme for the foreseeable future would, however, provide support for the regional currencies even if China's data were unfavourable.

On a Friday-to-Friday basis, the ringgit strengthened against the greenback to 3.1775/1785 from 3.1870/1900 last Friday. The ringgit weakened against the Singapore dollar to 2.5125/5156 from 2.4967/4996 last week and eased against the yen to 3.2053/2090 from 3.1860/1897 previously. The local unit depreciated against the British pound to 4.8052/8107 from last Friday's 4.7773/7824 and was lower against the euro at 4.1402/1451 from 4.1049/1097 last week. -- BERNAMA

MKI THs