PETALING JAYA: The ringgit is expected to experience some technical correction in the coming days, trading in the range of 4.1650 to 4.1750 against the United States dollar, an analyst says.

       Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid (pic) said in light of the recent appreciation, there could be a possibility that the ringgit might experience some correction on profit-taking activities.

       In the immediate term, investors are expected to focus on a slew of economic data from the US such as the Purchasing Managers’ Index numbers and the unemployment rate for clues on market direction.

       “However, we remain constructive on the ringgit against the US dollar pairing with the year-end target for 2022 standing at RM4.09. The possibility of a higher overnight policy rate, as well as commodity prices might help improve the value of the ringgit going forward,” he told Bernama.

       The ringgit ended the week on a stronger note versus the US dollar at 4.1650/1680 at last Friday’s close compared with 4.1935/1980 a week earlier.