Ringgit closes higher against US dollar with OPR maintained at 2.75%
The ringgit has closed higher against the greenback today, extending yesterday’s gains, after Bank Negara Malaysia chose to keep the overnight policy rate at 2.75%, putting an end to market speculation about the rate hike cycle. – The Malaysian Insight file pic, January 19, 2023.
At 6pm, the ringgit appreciated to 4.3050/3100 against the greenback from yesterday’s close of 4.3130/3185. “Markets and politicians alike should be happy with this dovish outcome and although trading on Bursa Malaysia is only up marginally, I suspect this is due to the global risk-off environment after fragile United States economic data sent recession fear tremors around the globe,” he told Bernama.
“In 2022, Asian currencies underperformed, we foresee this year to see Asian currencies leading the charge and drive equity market inflows, especially from US investors that are profoundly worried about the erosion of the US dollar purchasing power,” he said.
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