Range-bound trading for Ringgit next week

The ringgit will see range-bound trading next week and move between 4.45 and 4.46, against the US dollar, on market adjustments following the announcement of new measures by Bank Negara Malaysia (BNM), said a dealer.

BNM introduced measures on Friday that will be effective from Monday. The measures are aimed at further broadening, deepening and tackling the imbalance in the onshore foreign exchange market. For the week just-ended, the ringgit was traded higher at 4.4500/4550 against the greenback from 4.4530/4600 last Friday.

The ringgit appreciated against the yen to 3.9128/9179 last Friday from 3.9379/9455, but declined against the Singapore dollar to 3.1274/1327 from 3.1159/1224.

The local unit fell to 4.7375/7432 against the euro from 4.7175/7267 and eased against the British pound to 5.6057/6137 from 5.5538/5639.

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