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FOREX: Ringgit Continues Rally, Trades Below 3.00-level Against Singapore Dollar

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KUALA LUMPUR: The ringgit strengthened against the US dollar today for the third consecutive session, boosted by rising crude oil prices and bullish local economic data, a dealer said.

At 5 pm, the ringgit was quoted at 4.2150/2250 against the US dollar from 4.3720/3770 on Tuesday.

The dealer said improved oil prices also sparked investor confidence over Malaysia’s economy, reflecting the country’s overseas earnings.

“The stronger exports performance in August, which saw the trade surplus widen to RM10.19 billion, also gives an upside to the momentum,” the dealer told Bernama.

During the month, Malaysia’s exports grew 4.1 per cent to RM66.53 billion and imports declined by 6.1 per cent to RM56.34 billion.

The uptrend on the local market was also in tandem with its regional peers on the back of the weakening greenback, the dealer said.

Against a basket of other major currencies, the ringgit also traded firmer, especially with the Singapore dollar, which saw the local unit end at a five-week high of below the 3.00-level.

It rose to 2.9780/9861 when against the Singapore dollar from 3.0653/0699 on Tuesday, and strengthened versus the yen to 3.5105/3197 from 3.6318/6375.

The domestic currency also appreciated vis-a-vis the pound sterling to 6.4473/4651 from 6.6323/6408 and increased against the euro to 4.7381/7497 from 4.8993/8053 previously.


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