Malaysia: The ringgit continued its upward momentum to open at a 19-month high of 3.9880/9930 against the US dollar today.
The local note is being buoyed by Malaysia’s strong trade surplus and expectations of a hike in the Overnight Policy Rate (OPR) by Bank Negara Malaysia this year.
The ringgit, which last touched the 3.98 level on July 19, 2016, was up 70 basis points against last Friday’s close of 3.9950/9000.
Meanwhile, the local unit traded mostly higher against a basket of other major currencies.
It appreciated against the Singapore dollar to 3.0062/0102 from 3.0081/0123 on Friday, and rose against the yen to 3.5258/5311 from 3.5279/5333.
The ringgit was higher against the euro at 4.8027/8092 from 4.8116/8192, but fell against the British pound to 5.4121/4205 from 5.4048/4132 previously.
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