KUALA LUMPUR, Aug 22 — The ringgit is expected to see some profit-taking next week after its strong rally over the past six trading days.
The local note ended at 4.0365/0405 to the US dollar on Friday.
Kenanga Investment Bank Bhd (Kenanga IB) said the ringgit’s sharp rally and oversold conditions this week leave room for profit-taking if US Federal Reserve (Fed) chair Kevin Warsh delivers less dovish guidance at the Jackson Hole Symposium on Aug 27-29.
Investors will be watching for clues on the Fed’s policy decision at the upcoming Federal Open Market Committee (FOMC) meeting on Sept 15-16.
“US dollar/ringgit should trade within 4.04-4.06, with an early corrective bounce likely before the ringgit’s strength resumes and 4.06 breaking only on Iran escalation,” it said in a note.
Kenanga IB said that before the symposium, market players would be eyeing the US personal consumption expenditures (PCE) inflation report, which will be released on Aug 26.
On a Friday-to-Friday basis, the ringgit rose against the greenback to 4.0365/0405 from 4.0840/0885 a week earlier.
The local currency traded mostly higher against a basket of major currencies during the week.
The ringgit appreciated against the British pound to 5.5118/5173 from 5.5232/5293 on Friday last week and strengthened against the Japanese yen to 2.5449/5476 from 2.5660/5690 a week earlier, but slipped against the euro to 4.7227/7274 from 4.7182/7234 previously.
The ringgit traded mostly higher against Asean currencies.
The local note improved against the Philippine peso to 6.54/6.55 from 6.64/6.66 a week earlier, gained ground against the Singapore dollar to 3.1809/1843 from 3.1924/1964 previously and increased against the Indonesian rupiah to 228.1/228.4 from 229.0/229.4.
However, it eased against the Thai baht to 12.3474/3638 from 12.3153/3333 a week before. — Bernama
Date: 22 August, 2026 10:41 am
Source: Malay Mail
💬 Join the Conversation! 💬
We’ve disabled comments on our posts and pages to keep the discussions organized and lively! But don’t worry – the conversation isn’t over. Head over to our forum and share your thoughts, ideas, and feedback with the community! It’s the perfect place to connect, learn, and engage with others who care about the same things. We can’t wait to hear from you!