Kuala lumpur: The ringgit is expected to remain within a narrow trading range against the US dollar in the coming week, as market participants focus on upcoming speeches by several US Federal Reserve officials, an analyst has indicated.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, highlighted that a number of Federal Reserve officials are scheduled to present their perspectives to the public. This could provide further insights into their thinking, especially considering the persistent risk of higher fuel prices.

The latest forecast from the US Federal Reserve suggests there could be an additional 25-basis point interest rate hike this year, Dr. Mohd Afzanizam noted. "Hence, we will see the degree of conviction for a rate hike in the months to come. On that note, (trading in) the ringgit is expected to stay cautious next week. We foresee the ringgit-dollar (rate) to range between RM4.06 and RM4.09 next week," he elaborated.

On a Friday-to-Friday comparison, the ringgit weakened against the greenback, moving to 4.0795/0840 from 4.0685/0725 in the previous week. Nonetheless, the local currency performed better against a selection of major currencies throughout the week.

The ringgit appreciated against the British pound, moving to 5.4543/4603 from 5.4961/5015 the previous Friday. It also gained against the Japanese yen, reaching 2.5829/5860 from 2.6400/6428, and rose against the euro to 4.6849/6901 from 4.7178/7225.

Additionally, the ringgit traded mostly higher against ASEAN currencies. It edged up versus the Singapore dollar to 3.1933/1971 from 3.2091/2125 a week earlier, strengthened against the Thai baht to 12.2383/2562 from 12.3072/3241, and climbed against the Indonesian rupiah to 229.7/230.0 from 231.0/231.3. However, it slightly dipped against the Philippine peso, trading at 6.50/6.51 from 6.49/6.50 last Friday.