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Ringgit hits 13-month high against US dollar

 | November 21, 2017

It also traded higher against a basket of major currencies.

ringgit-dollarKUALA LUMPUR: The ringgit continued its uptrend to hit a 13-month high against the US dollar today, buoyed by expectations that Bank Negara Malaysia would increase the overnight policy rate by 25 basis points following the strong 6.2% economic growth recorded in the third quarter of this year.

With sentiment remaining buoyant, the local unit ended at 4.1380/1420 against the greenback, up 100 basis points from 4.1480/1510 recorded on Monday. This level was last seen on Oct 10, 2016.

The ringgit was also traded higher against a basket of major currencies.

It rose against the Singapore dollar to 3.0525/0568 from 3.0599/0623 and strengthened versus the euro to 4.8526/8586 from 4.8917/8961.

It increased against the British pound to 5.4779/4836 from 5.5073/5134 and improved vis-a-vis the yen to 3.6805/6844 from 3.6993/7026 yesterday.


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