Concerns over sustained global oil glut may push prices to continue their down trend next week, and this should put some stress on the ringgit to breach the 4.30 per dollar level again, a currency trader said.
"Concerns over the crude oil oversupply remains. Another fall in crude oil prices will prompt selling in emerging currencies of economies linked to crude exports, including the ringgit.
"Softer crude, coupled with the US interest rate hike drawing closer, would easily push the ringgit back to the weaker spot above 4.30 per US dollar next week," he told Bernama.
As of Friday, the global benchmark West Texas Intermediate crude shed 1.1 per cent to US$36.76 a barrel, its lowest settlement since 2009, while the internationally traded Brent was still hovering near its seven-year low of US$39.64 a barrel.
The US Federal Open Market Committee meeting to finalise a rate hike is scheduled for Dec 15-16 and the ringgit is likely to experience cautious trading next week as the greenback may gain strength from the rate hike.
"Although the hike is already priced in, investors seem to feel safer holding on to the greenback in case the US Federal Reserve signals that it may hike (the interest rate) aggressively after next week's meeting," added another dealer.
For the week just-ended, the ringgit declined 685 pips against the US dollar to 4.2900/2950 from last Friday's 4.2215/2265.
The local unit weakened against the Singapore dollar to 3.0484/0543 from 3.0197/0254 last Friday, fell against the yen to 3.5199/5251 from 3.4369/4421 last week and depreciated against the British pound to 6.5049/5142 from 6.3762/3858 previously.
It also declined against the euro to 4.7048/7112 from 4.5879/4951 previously.
Bernama
Sat Dec 12 2015
The US Federal Open Market Committee meeting next week may cause the ringgit to experience cautious trading next week. - File pic
Dua wanita Vietnam cedera cuba lari pemeriksaan imigresen
Insiden itu berlaku di sebuah pusat hiburan iaitu daripada keseluruhan 12 premis yang diperiksa semasa operasi dijalankan JIMNS di sekitar Seremban dan Tampin.
PM Anwar saksikan pertukaran enam MoU antara Malaysia dan Uzbekistan
Perdana Menteri Datuk Seri Anwar Ibrahim menyaksikan pertukaran enam MoU antara Malaysia dan Uzbekistan di sini pada Sabtu, untuk kerjasama dalam pelbagai bidang antara kedua-dua negara.
Tahap keselamatan balai, tempat kunjungan ramai perlu ditingkatkan - Lee Lam Thye
Tahap keselamatan di semua balai polis dan tempat-tempat yang sering dikunjung ramai perlu ditingkatkan segera.
Kontraktor, operator menara telekomunikasi perlu jalin kerjasama - Fahmi
Menteri Komunikasi Fahmi Fadzil meminta kontraktor dan operator menara telekomunikasi supaya sentiasa berhubung dan bekerjasama bagi memastikan segala permasalahan dapat ditangani segera.
Lee Zii Jia melangkah ke akhir Terbuka Thailand
Lee Zii Jia layak ke perlawanan akhir Terbuka Thailand dengan menewaskan pemain pilihan kelapan kejohanan dari Taiwan Chou Tien Chen.
10 Berita Pilihan - (18 Mei 2024)
Antara pelbagai berita dalam dan luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
Suspek serangan Balai Polis Ulu Tiram tiada kaitan kumpulan pengganas - KPN
Polis mengenal pasti suspek yang menyerang Balai Polis Ulu Tiram semalam tiada kaitan dengan kumpulan pengganas.
Filem aksi 'The Experts' angkat tema kekeluargaan
Unsur kekeluargaan menjadi taruhan filem aksi bertemakan rompakan "The Experts" bagi membezakannya daripada filem bergenre sama yang pernah dibawa ke layar perak sebelum ini.
Malaysia jadi negara contoh ‘best practice’ perkembangan digital, teknologi AI
Malaysia dijadikan salah satu negara contoh yang mempunyai best practice bagi memastikan aspirasi digital dan teknologi Kecerdasan Buatan (AI) dapat dijayakan.
KBS mahu pencarian bakat sukan diteruskan di peringkat negeri
Kementerian Belia dan Sukan (KBS) mahu program pencarian dan pembangunan bakat dilakukan secara berterusan di peringkat negeri khususnya bagi sukan yang mampu menyumbang pingat di pentas antarabangsa.