KUALA LUMPUR: The ringgit is expected to continue its downtrend next week and may stabilise at the 4.40 level against the US dollar on mounting concerns over a possible interest rate hike by the US Federal Reserve (Fed) in December. Nazri Khan also said that other bearish sentiment like declining global oil prices would likely dampen the local note next week. Brent crude oil fell 32 cents to US$46.17 per barrel, while US West Texas Intermediate crude oil was down 47 cents at US$44.95 per barrel. For the week just-ended, the ringgit was lower at 4.4140/4190 against the greenback from 4.2800/2900 last Friday, but ended mixed against other major currencies. The ringgit appreciated against the yen to 3.9874/9948 last Friday from 4.0199/0308 but declined against the Singapore dollar to 3.0962/0008 from 3.0372/0458 last week.

Source: New Strait Times November 19, 2016 03:01 UTC