KUALA LUMPUR, Nov 9 ― The ringgit was upbeat today, ending higher against the US dollar, buoyed by the fact that Bank Negara Malaysia (BNM) left key interest rates unchanged on Thursday.
At 6pm, the local unit traded at 4.2050/2080 against the greenback from 4.2280/2300 on Wednesday.
The central bank kept the overnight policy rate unchanged at three per cent at its eighth straight meeting, today.
RHB Research Institute said, in a note, that Malaysia would experience an upside monetary policy stance in 2018, while BNM projected the Malaysian economy to remain strong in 2018.
“Domestic demand would remain the key driver of growth, with private consumption being the largest contributor.
“This is broadly in line with our forecast for the economy to grow by 5.4 per cent in 2018,” it added.
The ringgit was traded higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0878/0905 from 3.1015/1039 on Wednesday and appreciated versus the yen to 3.7058/7088 from 3.7176/7203 yesterday.
Against the British pound, the ringgit increased to 5.5060/5112 from 5.5522/5565 yesterday and gained versus the euro to 4.8782/8830 from 4.9011/9038 on Wednesday. ― Bernama