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Ringgit closes higher against US dollar

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Ringgit closes higher against US dollar Empty Ringgit closes higher against US dollar

Post by Cals Wed 16 Oct 2013, 18:40

Ringgit closes higher against US dollar
Business & Markets 2013
Written by Bernama   
Wednesday, 16 October 2013 17:41
KUALA LUMPUR  (Oct 16): The ringgit closed higher against the US dollar today to lead among emerging Asian currencies amid cautious sentiment of an eventual US deal to raise the government's borrowing limit and avoid a potential default, dealers said.
At 5 pm, the domestic currency was quoted at 3.1715/1745 against the greenback from Monday's 3.1790/1820.
The foreign exchange market was closed yesterday for a local holiday.
A dealer said the ringgit advanced in choppy trading on hopes of a US debt agreement is reached, it could lift the local unit to test the 3.1600 level.
"If the US debt deal is in, equities will rally and people might sell dollar/Asia because of risk-on factors," he said.
Meanwhile, the ringgit was mostly higher against other currencies.
It firmed against the Singapore dollar to 2.5501/5535 from 2.5518/5544 on Monday and appreciated against the yen to 3.2231/2264 from 3.2333/2367 previously.
The local currency declined against the British pound to 5.0826/0890 from 5.0753/0807 on Monday but rose against the euro to 4.2917/2961 from 4.3082/3129 previously.
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