Ringgit Closes Higher Vs Greenback Ahead Of OPR Announcement Tomorrow

By Zufazlin Baharuddin

KUALA LUMPUR, Nov 5 (Bernama) -- The ringgit closed higher against the US dollar on Wednesday ahead of the Overnight Policy Rate (OPR) announcement tomorrow.

Bank Negara Malaysia’s Monetary Policy Committee (MPC) is expected to maintain the OPR, according to market consensus.

At 6 pm, the ringgit climbed to 4.1890/1925 against the US dollar from Tuesday’s close of 4.1950/1985. 

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama the anticipation for no change in the OPR tomorrow seems to have contributed to the local note’s strength.

Besides, he said the latest US ISM Manufacturing Index, which fell to 48.7 points in October from 49.1 in September, suggests business sentiments are still weak as a result of the higher import tariffs contributing to higher operating costs, weighing on the greenback.

At the close, the ringgit traded higher against most major currencies.

It rose against the British pound to 5.4612/4658 from 5.4795/4841 at Tuesday’s close, climbed versus the euro to 4.8106/8147 from 4.8238/8279, and up against the yen to 2.7254/7279 from 2.7331/7355 previously.

The local note also traded higher against ASEAN currencies.

It strengthened against the Singapore dollar to 3.2055/2085 from 3.2131/2160 at Tuesday’s close, and advanced vis-a-vis the Thai baht to 12.8730/8893 from 12.8859/9026 yesterday.

The ringgit was also slightly higher against the Indonesian rupiah at 250.5/250.9 from 251.0/251.4 and went up against the Philippine peso to 7.12/7.13 from 7.16/7.18 previously.

-- BERNAMA