Malaysia: Ringgit higher against US$ on expected OPR increase

• Dec 26, 2017

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