Ringgit opens higher ahead of Bank Negara OPR decision
The local note rises to 4.6445/6515 versus the greenback, compared to 4.6480/6525 at Tuesday’s close, in anticipation of Bank Negara Malaysia’s decision on the overnight policy rate. – The Malaysian Insight file pic, July 5, 2023.
The two-day Monetary Policy Committee meeting kicks off today, and according to an analyst, the central bank is expected to maintain the OPR at 3%. “Thus far, the Purchasing Managers’ Index from various jurisdictions have shown a weakening trend, indicating that businesses have become guarded in their business outlook,” he told Bernama.
“Last week, BNM hinted at a possible intervention, namely a rate hike. However, with the yuan and ringgit currently stabilising, a rate hike is unlikely, but they could still use heavier verbal intervention to encourage exporters to sell the US dollar and buy ringgit,” said Innes.
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