Highlights

Ringgit closes at fresh three-month high against greenback

 Publish date: Tue, 5 Nov 2019, 6:49 PM

KUALA LUMPUR: The ringgit continued its upward momentum in closing higher against the US dollar for the sixth consecutive trading day today, while also marking it with a fresh three-month high, prompted by positive developments on the local and global economic fronts, dealers said.
 
At 6 pm, the ringgit was quoted at 4.1290/1320 against the greenback from 4.1500/1540 at close on Monday.
 
A dealer said the decision by Bank Negara Malaysia’s Monetary Policy Meeting (MPC) today to keep interest rates steady at 3.0 per cent as anticipated, was well received by the local unit.
 
The MPC meeting was the last for this year. The next meeting is scheduled for Jan 21-22, 2020.
 
At its third meeting on May 7 this year, the committee reduced the OPR by 25 basis points to 3.0 per cent, with the ceiling and floor rates of the corridor for it correspondingly dropped to 3.25 per cent and 2.75 per cent respectively.
 
On the global front, the dealer said investors were optimistic that the US-China trade deal would be extended again, on news that China is pushing US President Donald Trump to remove more tariffs imposed in September.
 
Meanwhile, the local note traded higher against other major currencies today.
 
The ringgit strengthened against the Singapore dollar to 3.0443/0476 from 3.0571/0612 on Monday and advanced against the yen to 3.7929/7960 from 3.8288/8335.
 
It improved against the British pound to 5.3248/3290 from 5.3614/3678 and bested the euro at 4.5952/5989 from 4.6326/6388.
 
 - Bernama 
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