Ringgit continues uptrend

RINGGIT

THE ringgit continued its uptrend to close higher
against the US dollar yesterday, as European policymakers extended extra
aid to Greece, lifting worries in the eurozone for the time being.

The ringgit firmed to 2.9750/9775 against the greenback from 2.9935/9965 on Thursday.

"We
have positive news in Europe, but on the other hand, President Barrack
Obama is still racing against time to push forward plans to avert a debt
default by the US" said a dealer.




The ringgit rose to 2.4593/4634 against the Singapore dollar from
2.4664/4709 on Thursday and rose versus the Japanese yen to
3.7874/7920 from 3.7945/8003 previously.

It eased against the
British pound to 4.8472/8527 from 4.8384/8438 on Thursday and slipped
against the euro to 4.2849/2894 from 4.2577/2622 previously.

INTERBANK RATES

SHORT-TERM
rates closed stable yesterday as Bank Negara Malaysia continued to mop
up excess liquidity from the money market, dealers said.

The
overnight rate was pegged at 2.99 per cent while the one-, two- and
three-week rates were at 3.02, 3.04 and 3.06 per cent respectively.

Liquidity
surplus in the conventional operations was reduced to RM14.76 billion
from an earlier estimate of RM25.14 billion, while the surplus in the
Islamic system was reduced to RM6.06 billion from RM6.76 billion
estimated yesterday morning.

Bank Negara yesterday called for nine tenders - four conventional, four Al-Wadiah and a repo.

It also called for RM14.5 billion conventional tender and an Al-Wadiah tender for RM4.8 billion, for three-days.

KLIBOR

THE
three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures
contracts on Bursa Malaysia Derivatives closed flat yesterday with only
one contract month traded.

June 2013 was flat at 96.18. Turnover totalled 100 lots while open interest amounted to 20,903 contracts.

The five-year Malaysian Government Securities futures contracts were also untraded.

The underlying three-month KLIBOR remained pegged at 3.29 per cent. - Bernama