KUALA LUMPUR, March 3 — The ringgit extended yesterday’s uptrend to open higher against the US dollar Tuesday, ahead of Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting today, with the market expecting a 25 basis point cut in interest rates today.
The local note stood at 4.1990/2030 against the greenback from 4.2010/2040 recorded at 6 pm on Monday.
AxiCorp chief market strategist Stephen Innes said there may a be a pullback in volumes today but with the dollar bears out in full force in G-10 currencies and oil prices ripping higher overnight, the ringgit could be setting up for a decent rebound trade this week.
— Bernama
