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Ringgit continues gains lifted by increasing risk appetite
by Cals Mon 13 Jan 2014, 18:32
| Ringgit continues gains lifted by increasing risk appetite |
| Business & Markets 2014 |
| Written by Bernama |
| Monday, 13 January 2014 17:36 |
KUALA LUMPUR (Jan 13): The ringgit continued last week's gains to close higher against the US dollar today, lifted by increasing risk appetite for the local unit, a dealer said.
At 5 pm, the ringgit was quoted at 3.2620/2650 against the greenback from 3.2670/2700 at Friday's close.
The ringgit's appreciation was in tandem with most emerging Asian currencies as the disapointing US jobs data released on Saturday put pressure on the greenback.
"The data sparked some interest towards emerging currencies, including the ringgit, as well as to equity markets," the dealer said.
The data indicated that employers in the United States added 74,000 jobs in December, which was below market's anticipated target, fanned worries among investors as they expected that the Federal Reserve may slow down the tapering of its bond-buying programme.
Meanwhile, the local note closed mostly lower against other major currencies.
The ringgit appreciated against the British pound to 5.3608/5673 from 5.3778/3841 on Friday but fell vis-a-vis the Singapore dollar to 2.5792/5818 from 2.5726/5754 last week.
The ringgit also depreciated against the yen to 3.1547/1589 from Friday's close at 3.1132/1167 and weakened versus the euro at 4.4572/4626 from 4.4444/4492 last week.
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