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Ringgit Touches 3-Week High

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KUALA LUMPUR: The ringgit touched more than three-week high at the close today, in line with the higher stock market, which was supported by the rebound in the oil prices, a dealer said.

At 5 pm, the ringgit was quoted at 3.5610/5640 against the US dollar from last Friday’s close of 3.6290/6320.

The dealer said the local note rose 2.3 per cent to 3.5-level against the greenback, its strongest since Jan 12, 2015.

“This is due to the scattered buying for the unit to cover short positions in the second-worst performing emerging Asian currency so far this year,” he said, adding that besides the ringgit, the other emerging Asian currencies were also traded higher.

However, the dealer said, the uptrend may not sustain given the crude oil prices that had been declining steadily since last year.

Against the Singapore dollar, the ringgit improved to 2.6456/6486 from 2.6872/6916 and was higher against the yen at 3.0335/0363 from 3.0825/0853 last Friday.

The local note went up against the British pound to 5.3978/3044 from 5.4689/4745 and strengthenend to 4.0791/0836 from 4.1156/1198 against the euro on Friday.

The market was closed on Monday and Tuesday for local public holidays. — BERNAMA

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