According to the bank, the local currency is expected to depreciate against the greenback by 0.26 per cent to 4.060 this week. — Reuters pic
According to the bank, the local currency is expected to depreciate against the greenback by 0.26 per cent to 4.060 this week. In a research note, Kenanga said that despite Fitch Ratings’ decision to downgrade Malaysia’s sovereign debt rating to BBB+, the ringgit soared to its highest level in more than two years last week due to a surprising rebound in Brent crude oil price, COVID-19 vaccine optimism and further weakening of the US dollar.
The local note may continue to ride on the weaker US dollar this week as US stimulus talks continue, Kenanga added.
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