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Ringgit opens slightly higher in early session

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by December 26, 2017 General

As at 9.04am, the local unit stood at 4.0750/0800 against the US dollar from 4.0770/0800 at the close last Friday. — Reuters picAs at 9.04am, the local unit stood at 4.0750/0800 against the US dollar from 4.0770/0800 at the close last Friday. — Reuters picKUALA LUMPUR, Dec 26 ― The ringgit was slightly higher against the greenback in the early trading session today, on market expectation that Bank Negara Malaysia will likely increase the overnight policy rate in early 2018.

As at 9.04am, the local unit stood at 4.0750/0800 against the US dollar from 4.0770/0800 at the close last Friday.

A dealer said BNM hinted at a rate hike during its Monetary Policy Committee (MPC) meeting in November, saying that it would consider reviewing the current degree of monetary accommodation, given the strength of the global and domestic macroeconomic conditions.

BNM has been maintaining the OPR at three per cent since July 2016.

Meanwhile, the ringgit was traded mixed against a basket of major currencies.

It depreciated against the Singapore dollar to 3.0324/0366 from 3.0317/0346 last Friday and weakened against the euro to 4.8346/8421 from 4.8304/8344.

The ringgit rose against the yen to 3.5947/6001 from 3.5965/5998 and improved against the British pound to 5.4487/4570 from 5.4587/4639. ― Bernama

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