KUALA LUMPUR: The ringgit opened near a five-year high against the US dollar on Friday after Bank Negara Malaysia (BNM)'s Monetary Policy Committee (MPC) kept the Overnight Policy Rate (OPR) at 2.75%.
The local currency was at around 4.02 per US dollar at the start of trade, a level last seen on Jan 21, 2021, when it was quoted at 4.0280/0320.
At 8am on Friday (Jan 23), the ringgit strengthened to 4.0285/0440 against the greenback, compared with Thursday's close of 4.0370/0415.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the MPC's decision reinforced expectations of policy stability, supporting the local currency.
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