KUALA LUMPUR, July 1 — The ringgit ended firmer against the US dollar today on positive sentiment driven by higher anticipation that the overnight policy rate (OPR) might be raised and lend some support to the market, said an analyst.
At 6pm, the local currency appreciated against the greenback to 4.4060/4085 from Thursday's close of 4.4075/4090.
The analyst said the anticipation that Bank Negara Malaysia (BNM) would hike the OPR by 25 basis points at its next scheduled meeting on July 6 augured well for the ringgit, especially as the market was closely monitoring the performance of the US dollar.
"The better ringgit performance was also supported by steady oil prices, which currently stood at US$110.9 per barrel, or up 1.71 per cent," he said.
Meanwhile, the ringgit settled mostly higher against a basket of major currencies.
The local currency rose against the British pound to 5.3163/3193 against Thursday's close of 5.3485/3503, climbed versus the euro to 4.5060/6086 from 4.5961/5977, and appreciated vis-a-vis the Singapore dollar to 3.1596/1618 from 3.1670/1685.
It, however, depreciated against the Japanese yen to 3.2483/2504 from 3.2344/2357 yesterday. — Bernama
