The ringgit settled on a positive note on the back of Bank Negara overnight policy rate cut. — Reuters pic
The central bank’s Monetary Policy Committee, in its third meeting for the year today, reduced the OPR overnight policy rate by 50 basis points to 2.00 per cent, the lowest OPR level in 10 years since February 2010. Financial services firm AxiCorp’s chief global market strategist Stephen Innes said the BNM’s rate cut decision came in as expected but should still be viewed as positive for risk sentiment as it provides a policy tailwind when businesses open after the movement control order is lifted.
Source: News Formal (newsformal.com)
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