Ringgit likely to retreat this week, says Kenanga Investment | Malay Mail

📆 9/14/2020 10:18 AM
📰 malaymail

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KUALA LUMPUR, Sept 14 — The ringgit will likely be heading for a second straight weekly fall this week amid a volatile oil market outlook, said Kenanga Investment Bank Bhd. In a note, the research firm said the lingering concerns over global oil demand could drag crude oil prices lower,...

Lingering concerns over global oil demand could potentially drag down the ringgit this week.. ― Picture by Sayuti Zainudin

In a note, the research firm said the lingering concerns over global oil demand could drag crude oil prices lower, potentially pushing ringgit to trade lower this week. Kenanga expects the local currency to depreciate by 0.18 per cent to 4.159 against the greenback from its closing price of 4.152 on last Friday.

“Conversely, a potential downside could tilt the pair towards 4.145 and 4.139 support level,” it added.

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