The currency of Malaysia rose to its highest level since the end of 2013 against the world's reserve currency as confidence strengthened that the central bank of the Asian nation will increase the policy rate for the first time in about 36 months, according to Bloomberg.
Most analysts and economists polled by the news source forecast policy makers with Bank Negara Malaysia will drive interest rates to 3.25 percent when they convene a meeting later this week. The rate now is 3 percent. The ringgit has climbed roughly 1.3 percent against the U.S. dollar during the past four weeks.
The "ringgit shall continue to stay firm amid expectations of an overnight policy rate rate hike, in the run-up to Bank Negara's Monetary Policy Committee meeting on Thursday," a currency trader told The Sun during the Tuesday trading session.
The ringgit pushed up roughly 0.6 percent against the greenback on Tuesday, notching its biggest rise in about two weeks against its rival monetary unit.
The ringgit also rose against the currencies of Singapore, Japan and the U.K., according to The Sun.
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