Kuala Lumpur, Jan 2 (IANS) The Malaysian ringgit will likely trade lower next week on expectations of lower commodity prices, analysts said on Saturday.
According to an analyst, the decline in the global oil prices has hit the currencies of commodity-dependent countries including Malaysia, The Malaysian Star reported.
Last Wednesday, the benchmark oil, Brent crude, fell by over three percent towards 11-year lows, after data showed an increase in the US crude supplies.
He said this has caused the greenback to trade lower and influence other emerging currencies including the ringgit.
“The local note will likely trade downwards if the commodity prices continue to weaken,” he said.
It was reported that the Brent crude went down by $1.33, or 3.5 percent, to $36.46 a barrel.
For the holiday-shortened week, the ringgit appreciated to 4.2900/2970 against the greenback from 4.3070/3136 last Wednesday.
It rose against the Singapore dollar to 3.0367/0423 from 3.0609/0660 last Wednesday.
It declined to 3.5637/5698 from 3.5589/5647 against the yen last Wednesday.
The ringgit went up against the euro to 4.6851/6940 from 4.7024/7100 last Wednesday and strengthened against the British pound to 6.3604/3716 from 6.3890/3997 previously.