Ringgit slightly higher against US dollar

KUALA LUMPUR: The ringgit was slightly higher against the US dollar this morning on buying support for the local currency ahead of Bank Negara Malaysia's monetary policy committee meeting later today, dealers said.

At 9.20 am, the ringgit was quoted at 3.0080/0110 against the US dollar compared with 3.0090/0120 at 5pm on Wednesday.

Dealers said with China's central bank announcing its third interest rate hike this year, it could prompt other Asian central banks to follow suit including the local central bank.

According to newsreports, most research houses expected the
central bank to increase the overnight policy rate by 25 basis points and the statutory reserve requirement ratio by 100 basis points.


Meanwhile, the ringgit was mostly better against major currencies.

The local currency was marginally higher against the Singapore dollar at 2.4493/4538, from 2.4499/4528, yesterday but slipped against the yen to 3.7150/7196 against 3.7144/7204, previously.

The ringgit, however, appreciated against the British pound to 4.8137/8194, from 4.8156/8219 previously and rose against the euro to 4.3090/3136 from 4.3197/3243 on Wednesday. - Bernama

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