KUALA LUMPUR (Aug 13): The ringgit is expected to move in a tight range against the US dollar next week and trade between the 4.44 and 4.46 level, said a dealer.
ActivTrades market analyst Alexander Londono said the greenback has touched a one-month low against the ringgit by breaking below the 4.44 level and will close the week with a slight loss of 0.25%.
“The US dollar/ringgit pair has been rising since the end of June, but by mid-July, when it broke above the 4.45 level, it consolidated just above that zone, with 4.46 acting as a resistance,” he told Bernama.
He noted that the dollar/ringgit has been traded almost flat between the 4.46 and the 4.44 levels.
“Inflation data from the US has weakened the US dollar against its main counterparts and also against emerging currencies like the ringgit,” he added.
For the week just ended, the ringgit was traded mostly higher against the US dollar, except for Monday, as encouraging…
