Ringgit Edges Higher Against Dollar as BNM Holds Overnight Policy Rate
The Malaysian ringgit ended marginally higher against the US dollar on Thursday, following Bank Negara Malaysia's (BNM) decision to maintain the overnight policy rate (OPR) at 2.75 per cent.
The OPR was kept unchanged due to strong global growth and stable labour markets, which are expected to support continued price stability and sustainable economic growth in Malaysia. BNM predicted that the country's economy will grow by around five per cent in 2026 and remain resilient in 2027.
However, the ringgit's gain was limited due to market uncertainty ahead of the US non-farm payrolls (NFP) figures release on Friday night. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid noted that markets are spooked by the hawkish statement from the US Federal Reserve chairman last week.