Ringgit Edges Higher Ahead of OPR Decision

The Malaysian ringgit opened higher against the US dollar on Thursday as investors awaited Bank Negara Malaysia's Monetary Policy Committee (MPC) decision on the overnight policy rate (OPR).

At 8am, the local currency rose to 4.0385/0455 against the greenback from Wednesday's close of 4.0435/0475.

Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, said the focus would be on the MPC's OPR decision, with the central bank widely expected to keep the policy rate unchanged at 2.75 per cent.

The US Dollar Index fell 0.12 per cent to 99.555 points ahead of the US nonfarm payrolls data due on Friday, which has led to a correction in the value of the ringgit against the US dollar, according to Mohd Afzanizam.