The ringgit strengthened against the US dollar on Wednesday, driven by positive sentiment ahead of Bank Negara’s overnight policy rate announcement. At 8am, the ringgit appreciated to 4.3310/4.3480 from the previous day’s close of 4.3415/4.3505.
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Ringgit Strengthens Against USD Ahead of Bank Negara Rate Announcement
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid noted the US Dollar Index fell 0.44% to 103.423 points. The ringgit was weaker against major currencies but gained against ASEAN currencies.
It rose against the Indonesian rupiah, Thai baht, and Philippine peso but fell slightly against the Singapore dollar. The BNM’s decision on the OPR is expected to keep the rate unchanged at 3.00%.
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