KUALA LUMPUR: The ringgit ended firmly against most major currencies and regional peers ahead of Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting as its decision is expected to play a critical role in setting the market tone going forward.
However, it eased against the US dollar at 6pm yesterday to 3.9600/9635 from 3.9540/9575 on Monday’s close.
According to research firms, BNM is anticipated to maintain the overnight policy rate at 2.75% at its MPC meeting tomorrow. This follows advanced first-quarter gross domestic product growth forecast of 5.3%, which showed that the country’s economy is resilient.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid expects the local note to be trading at a narrow range in the near term following the MPC meeting. — Bernama
