KUALA LUMPUR, Aug 14 — The ringgit is expected to trade between RM4.23 and RM4.24 against the US dollar next week due to lacklustre sentiment in the global oil market, said Bank Islam Malaysia Bhd economist Adam Mohamed Rahim.
“On the demand side, Opec left its forecast for oil demand growth in 2021 and 2022 unchanged while the International Energy Agency cut oil demand for the second half of the year by 550,000 barrels a day due to the worsening progression of the pandemic,” he told Bernama.Malaysia’s better second quarter gross domestic product performance, which expanded by 16.1 per cent , had little effect on the local note versus the greenback.
BNM Governor Datuk Nor Shamsiah Mohd Yunus said Malaysia’s economic growth for 2021 was now projected to be between 3 and 4 per cent, slower than the earlier projection of between 6 and 7 per cent, largely due to the re-imposition of the nationwide Covid-19 containment measures following the spike in infection rates.
On a weekly basis, the ringgit settled at 4.2365/2385 against the greenback from 4.2180/2205 a week ago. However, the ringgit was traded higher against other major currencies compared to a week earlier.
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