Ringgit likely to trade lower next week

The ringgit will likely trade lower versus the greenback next week on expectations of lower commodity prices, dealers said.

 

A dealer said the decline in the global oil prices has hit the currencies of commodity-dependent countries including Malaysia.

Last Wednesday, the benchmark oil, Brent crude, fell by over three per cent towards 11-year lows, after data showed an increase in the US crude supplies.

He said this has caused the greenback to trade lower and influence other emerging currencies including the ringgit.

"The local note will likely trade downwards if the commodity prices continue to weaken," he said.

It was reported that the Brent crude went down by US$1.33, or 3.5 per cent, to US$36.46 a barrel.