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Malaysia: Ringgit higher against US$ on expected OPR increase
KUALA LUMPUR: The ringgit was slightly higher against the greenback in early trading Tuesday, on market expectation that Bank Negara Malaysia will likely increase the overnight policy rate in early 2018.
As at 9.04 am(1004gmt), the local unit stood at 4.0750/0800 against the US dollar from 4.0770/0800 at the close last Friday.
A dealer said BNM hinted at a rate hike during its Monetary Policy Committee (MPC) meeting in November, saying that it would consider reviewing the current degree of monetary accommodation, given the strength of the global and domestic macroeconomic conditions.
BNM has been maintaining the OPR at three per cent since July 2016.
Meanwhile, the ringgit was traded mixed against a basket of major currencies.
It depreciated against the Singapore dollar to 3.0324/0366 from 3.0317/0346 last Friday and weakened against the euro to 4.8346/8421 from 4.8304/8344.
The ringgit rose against the yen to 3.5947/6001 from 3.5965/5998 and improved against the British pound to 5.4487/4570 from 5.4587/4639. – Bernama
The following table shows rates for Asian currencies against the dollar at 0139 GMT(0939 Malaysian time) on Tuesday Dec 26.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0139 GMT
Currency Latest bid Previous day Pct Move
Japan yen 113.31 113.25 -0.05
Sing dlr 1.3434 1.3438 +0.03
Taiwan dlr 29.920 29.968 +0.16
Korean won 1078 1079.7 +0.17
Baht 32.750 32.74 -0.03
Rupee 64.05 64.05 +0.00
Ringgit 4.075 4.077 +0.05
Yuan 6.538 6.5408 +0.04
Change so far in 2017
Currency Latest bid End 2016 Pct Move
Japan yen 113.31 117.07 +3.32
Sing dlr 1.3434 1.4490 +7.86
Taiwan dlr 29.920 32.279 +7.88
Korean won 1078 1207.70 +12.04
Baht 32.750 35.80 +9.31
Rupee 64.045 67.92 +6.05
Ringgit 4.075 4.4845 +10.05
Yuan 6.538 6.9467 +6.24
– Reuters
Source: https://www.thestar.com.my/business/business-news/2017/12/26/ringgit-higher-against-us$-on-expected-interest-rate-increase/#BY6fcThzlQm4lblT.99