Kuala Lumpur: The ringgit is projected to trade within the RM4.22 to RM4.23 range against the US dollar in the coming week, an analyst has predicted.

According to BERNAMA News Agency, Bank Muamalat Malaysia Bhd's chief economist Dr. Mohd Afzanizam Abdul Rashid stated that several crucial United States economic data points, including the Consumer Price Index (CPI) and Producer Price Index (PPI) for May, are anticipated to be released next week. These indicators are significant in shaping the financial market landscape.

Dr. Afzanizam noted that while the data might reflect a deceleration in the inflation rate, the US Federal Reserve is expected to maintain a cautious stance due to concerns over potential inflationary pressures resulting from tariff increases. He highlighted findings from the US Institute for Supply Management (ISM) Index survey, which suggested that businesses are increasingly pessimistic as heightened tariffs have disrupted supply chains and escalated operational expenses.

The ringgit concluded the week on a stronger note against the US dollar, ending at 4.2270/2360 on Friday, an improvement from 4.2530/2605 the previous Friday. The local currency showed a generally positive trend against a selection of major currencies.

The ringgit appreciated against the Japanese yen, closing at 2.9324/9390 compared to 2.9531/9585 the previous week, and gained ground against the British pound, ending at 5.7212/7334 from the prior 5.7284/7385. However, it experienced a decline against the euro, closing at 4.8268/8371 from 4.8169/8254 a week earlier.

Against ASEAN currencies, the ringgit also demonstrated an upward trajectory. It strengthened against the Singapore dollar, finishing at 3.2862/2934 from the earlier 3.2938/3002, improved versus the Indonesian rupiah to 259.5/260.2 from 260.4/261.1, and advanced against the Philippine peso to 7.58/7.60 from the previous 7.62/7.64. Nonetheless, it weakened against the Thai baht, closing at 12.9599/9947 from 12.9507/9790 the previous week.