Ringgit Closes Higher Against US Dollar

KUALA LUMPUR, Aug 10 (Bernama) — The ringgit closed higher against the US dollar today in line with the gains in Asian currencies following the US Federal Reserve’s (Fed) pledge to keep interest rates near zero at least through mid-2013, dealers said.

The ringgit appreciated to 3.0050/0080 against the US dollar from 3.0230/0260 on Monday.

A dealer said the Fed’s pledge helped boost demand for stocks and assets in the emerging markets.

“The rise in Asian stock markets as well as better industrial output data for Malaysia released today, also contributed to the appreciation of the ringgit,” he said.

According to the Statistics Department, the industrial production index in June was rose one per cent compared with the same period last year.

The local unit rose against the Singapore dollar to 2.4792/4827 from 2.4854/4891 yesterday. It decreased against the yen to 3.9209/9264 from 3.9148/9202 previously.

Against the British pound, it appreciated to 4.8804/8868 from 4.9450/9511 on Tuesday. It declined against the euro to 4.3167/3216 from 4.3017/3069 yesterday.


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