Ringgit closes higher against US dollar

Ringgit closes higher against US dollar
Business & Markets 2013
Written by Bernama
Thursday, 19 September 2013 17:49

KUALA LUMPUR (Sept 19): The ringgit closed sharply higher versus the US dollar, climbing the most since the 1998 regional financial crisis, dealers said.

The local note was quoted at 3.1470/1500 per US dollar from 3.2325/2355 yesterday.

A dealer said the rise for the third consecutive day was in line with the US Federal Reserve's unexpected decision to maintain its bond buying programme.

Chairman Ben S. Bernanke said yesterday that the pace of bond buying, which was kept at $85 billion a month, would depend on economic data and the central bank has no pre-determined schedule for tapering measures that have fueled demand for emerging-market assets.

Meanwhile, the local currency strengthened against other major currencies.

The ringgit was higher against the Singapore dollar at 2.5299/5332 from 2.5667/5701 yesterday and stronger against the yen at 3.1836/1879 from 3.2691/2735 on Wednesday.

The local currency also improved against the British pound to 5.0591/0652 from 5.1594/1652 and gained against the euro to 4.2678/2725 from 4.3151/3197 yesterday.