Ringgit expected to trade between RM4.45 and RM4.47 against USD

THE ringgit is anticipated to range between RM4.45 and RM4.47 against the US dollar in the upcoming week, as market sentiment remains cautious due to ongoing uncertainties surrounding US tariff policies.

Bernama reported Dr. Mohd Afzanizam Abdul Rashid, Chief Economist at Bank Muamalat Malaysia Bhd highlighting that next week’s US economic data releases will play a significant role in shaping market expectations.

Key reports include the ISM indexes for both the manufacturing and non-manufacturing sectors, along with the highly anticipated nonfarm payrolls (NFP) report, due on Friday.

The market consensus estimates that February's NFP figure will be 133,000, a decline from 143,000 in January, while the unemployment rate is expected to remain unchanged at 4.0%.

“US economic data has shown resilience, which offers little incentive for the US Federal Reserve to adjust its current monetary policy. As a result, the US dollar is likely to remain strong in the near term,” Dr. Mohd Afzanizam explained in an interview with Bernama.

Over the past week, the ringgit primarily weakened, driven by concerns over the escalating trade tensions between the US and other global economies, which led to a decline in market sentiment.

The local currency depreciated, closing the week at 4.4600/4650 against the US dollar, down from 4.4165/4200 the previous week.

The ringgit also experienced declines against several major currencies. It weakened against the British pound, ending at 5.6174/6237 compared to 5.5851/5895 from the previous week.

Similarly, the ringgit slipped against the Japanese yen, trading at 2.9682/9717, down from 2.9346/9371. The local currency also lost ground against the euro, closing at 4.6362/6414 from 4.6236/6273 previously.

In contrast, the ringgit showed mixed results against other ASEAN currencies. It strengthened against the Indonesian rupiah, appreciating to 268.7/269.1 from 270.7/271.0, and gained against the Thai baht, moving to 13.0455/0670 from 13.1354/1528.

However, it weakened against the Singapore dollar, falling to 3.3069/3108 from 3.3021/3049, and declined against the Philippine peso, dropping to 7.69/7.70 from 7.62/7.63. – March 1, 2025