Malaysia’s ringgit hits 19-month high against USD

The Malaysian ringgit continued its uptrend to hit a 19 month high against the USD on January 8. (Photo: AFP/VNA) Kuala Lumpur (VNA) – The Malaysian ringgit continued its uptrend tohit a 19 month high against the USD on January 8.The currency is traded at 3.998 ringgits against the greenback. It was up 70basis points against January 5’s close of 3.995.It appreciated against a basket of other major currencies, including theSingapore dollar, the Japanese yen and euro but fell against the British pound.The ringgit continued to rise against Vietnamese dong when one ringgit can buynearly 5,700 VND.According to Bernama, the Malaysian National News Agency, the note is beingbuoyed by the country’s strong trade surplus and expectations of a hike in theOvernight Policy Rate (OPR) by Bank Negara Malaysia this year.By the end of 2017, the Malaysian economy experienced a growth of 5.8 percent.The World Bank and the International Monetary Fund forecast that the SoutheastAsian economy can grow at 5.2 percent this year.-VNA

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