FOREX: Ringgit Close Higher Against Greenback

Category: Market News

KUALA LUMPUR, Aug 10 (Bernama) — The ringgit ended higher against the U.S. dollar Thursday supported by active buying on the local unit, dealers said.

At 5 pm, the local currency was traded at 3.6590/6620 against the U.S. dollar compared with 3.6610/6660 Wednesday.

“This was the highest level since Monday this week,” said one of the dealers.

He said the ringgit is expected to further strengthen against the greenback Friday with the U.S dollar facing pressure in overseas market following the decision by the Federal Reserve policy-making committee to keep interest rate unchanged.

“Bearing in mind that the dollar is weakening and other curencies are strengthening, there is room for the ringgit to appreciate,” he said.

Meanwhile, the ringgit closed mixed against other major currencies due to profit taking activities.

The local currency was lower against the Singapore dollar at 2.3315/3341 from 2.3283/3322 and weaker against the yen at 3.1853/1891 from 3.1813/1864 previously.

Against the euro, the ringgit appreciated to 4.7062/7119 from 4.7088/7167 and increased against the pound sterling to 6.9576/9640 from 6.9859/9966 Wednesday.

– BERNAMA