KUALA LUMPUR – The ringgit reversed yesterday’s losses to close higher against the US dollar today after the Monetary Policy Committee of Bank Negara Malaysia (BNM) decided to maintain the overnight policy rate (OPR) at 2.75%.
At 6pm, the local note rose to 4.5170/5200 versus the greenback compared with yesterday’s closing rate of 4.5230/5265.
Bank Muamalat Malaysia Bhd head of economics, market analysis, and social finance Mohd Afzanizam Abdul Rashid said the ringgit continued to linger in a narrow range with a slight appreciation seen during the day.
“Clearly, the BNM decision to keep the OPR unchanged was within expectation.
“As such, it’s a non-event for the ringgit as there is no surprise element (OPR hike),” he said.
He said the market’s focus now will be on United States non-farm payroll data tomorrow night and the US Consumer Price Index data next week before the Federal Open Market Committee members meet from March 21-22.
The ringgit was traded mostly lower against a basket of major currencies.
The local note fell against the Japanese yen to 3.3160/3184 from 3.2880/2908 at yesterday’s close and decreased versus the British pound to 5.3608/3643 from 5.3530/3571 previously and weakened vis-a-vis the euro to 4.7690/7722 from 4.7650/7687.
Meanwhile, the ringgit was traded mixed against Asean currencies.
The local note appreciated against the Thai baht to 12.8814/8962 from 12.8912/9070 and rose against the Indonesian rupiah to 292.70/292.90 from 292.90/293.30.
However, it depreciated against the Singapore dollar to 3.3405/3432 from 3.3397/3428 previously and was flat vis-a-vis the Philippine peso to 8.18/8.18 from 8.18/8.19. – Bernama, March 9, 2023
