KUALA LUMPUR: The ringgit advanced to an 18-month high today as traders priced in the probability of a local interest rate hike next week.
At 6pm, the local note finished at 3.9360/9400 against the greenback – a level last seen in July 2016 – from 3.9540/9570 on Thursday.
A dealer said players were cautious ahead of Bank Negara Malaysia's Monetary Policy Committee’s (MPC) meeting next week, which may decide to raise the Overnight Policy Rate (OPR), which currently stands at 3.00 per cent.
Meanwhile, the ringgit traded mixed against a basket of other major currencies.
The local note strengthened against the Singapore dollar to 2.9820/9869 from Thursday's 2.9887/9912.
However, the ringgit depreciated against the yen to 3.5572/5617 from Thursday's 3.5522/5553; fell vis-a-vis the euro to 4.8322/8387 from 4.8290/8339; and slipped versus the British pound to 5.4742/4801 from 5.4731/4777 previously. -- BERNAMA