Ringgit opens higher as BNM meets to determine interest rates

July 13, 2016 | By | Reply More

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KUALA LUMPUR: The ringgit continued its bullish momentum, opening higher versus the US dollar, on buying support for the local note, a dealer said.

At 9am, the local unit was quoted at 3.9740/9800 against the greenback from Tuesday’s close of 3.9785/9825.

A dealer said the local currency received continued buying support ahead of Bank Negara Malaysia’s two-day Monetary Policy Meeting, scheduled later this evening.

“Traders are expecting the central bank to maintain its lending rate at 3.25% which will boost sentiment for the local currency,” the dealer said.

Vis-a-vis other emerging currencies, the ringgit was traded mostly higher but declined against the British pound to 5.2807/2914 from 5.2309/2382 yesterday.

Theresa May takes over as United Kingdom’s new Prime Minister today, which, traders believe, would help stabilise the pound for the short-term before she decides on a new approach in negotiating Britain’s exit from the European Union, the dealer said.

Meanwhile, versus the Singapore dollar, the ringgit rose to 2.9503/9569 from 2.9512/9548, strengthened against the Yen to 3.7967/8042 from 3.8477/8527 on Tuesday and improved versus the Euro to 4.3956/4039 from 4.4197/4254 yesterday. — Bernama

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