The Malaysian ringgit strengthened against major currencies on Thursday as market participants expect Bank Negara Malaysia to maintain the Overnight Policy Rate at 2.75 per cent, supported by improved global risk appetite.
At 8am, the domestic unit traded at 3.905/9300 against the greenback, compared with 3.9230/9275 at Wednesday’s close. — Bernama pic! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min. cash-in of RM100 today.
T&Cs apply. KUALA LUMPUR, May 7 — The ringgit extended yesterday’s momentum to open higher on Thursday, amid expectations that it could appreciate further today. Market consensus opines that Bank Negara Malaysia is likely to keep the Overnight Policy Rate steady at 2.75 per cent. At 8am, the domestic unit traded at 3.905/9300 against the greenback, compared with 3.9230/9275 at Wednesday’s close.
BNM will hold its third Monetary Policy Committee meeting today, with market players anticipating the OPR to remain unchanged at 2.75 per cent, while waiting for the latest assessment on Malaysia’s inflation and growth prospects. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the ringgit’s performance was also boosted by higher risk appetite after the United States and Iran were set to reach a deal and reopen the Straits of Hormuz.
“Risk appetite improved substantially. S&P 500 and Nasdaq jumped 1.46 per cent and 2.02 per cent in a single day, respectively, to close at 7,365.12 points and 25,838.94 points. The two- and 10-year US Treasury yield fell eight basis points each to 3.87 per cent and 4.35 per cent, respectively.
“As such, the ringgit could stage further appreciation today with BNM likely to keep the OPR steady at 2.75 per cent. Perhaps today, the US dollar-ringgit pair may move towards RM3.90,” he said. It strengthened against the euro to 4.6058/6170 from 4.6189/6242 at Wednesday’s close, rose versus the British pound to 5.3280/3409 from 5.3443/3504 previously, and strengthened against the Japanese yen to 2.5046/5109 from 2.5159/5191 from yesterday.
It appreciated against the Singapore dollar to 3.0909/0986 from 3.0946/0986 at Wednesday’s close and strengthened versus the Thai baht to 12.1536/1898 from 12.1866/2074. The local note traded almost flat against the Indonesian rupiah at 225.4/226.1 from 225.6/225.9 previously, and was unchanged versus the Philippine peso at 6.39/6.41. — Bernama
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