The Malaysian ringgit is expected to trade within a narrow range of RM3.95 to RM3.97 against the US dollar this week, as investors focus on upcoming US jobs data for May, according to analysts.
Bank Islam Malaysia chief economist Mohd Afzanizam Abdul Rashid said the ringgit will likely move in a tight band as markets await the US non-farm payrolls report, which could influence the Federal Reserve's monetary policy stance. He noted that any surprise in the data could trigger volatility.
The local currency closed at RM3.96 on Friday, May 29, supported by steady crude oil prices and improved risk appetite. However, concerns over global inflation and potential rate hikes by central banks remain.
Analysts also pointed to domestic factors such as Malaysia's export performance and political stability as key supports for the ringgit. The government's recent economic stimulus measures have also helped maintain investor confidence.
