business
Ringgit ends higher against US dollar
The ringgit has closed higher against the US dollar, trading at 4.0860/0910. – The Malaysian Insider file pic, March 11, 2016.The ringgit today closed higher against the US dollar again following the good demand for the local currency which was fuelled by higher share prices on Bursa Malaysia, dealers said.
At 5pm, the local unit was traded at 4.0860/0910 against the US dollar compared with 4.0950/0030 yesterday.
A dealer said another factor was the higher oil prices which stood at US$40.70 per barrel, up 65 US cents from yesterday's US$40.05 per barrel.
The European Central Bank's (ECB) decision to cut interest rates has also helped the ringgit's performance, he said.
"The traders regained their confidence after ECB's stimulus action to cut interest rates which definitely will tackle inflation as well as boost the economic growth of 19 countries that use the euro," he said.
He said the better ringgit performance was also due to market expectation that the US economy this year will be weak and this will weaken the US dollar and thus eased concerns about a sharp decline in China's economy.
The ringgit was traded mixed against other major currencies.
It fell against the Singapore dollar to 2.9656/9707 from 2.9650/9730 yesterday and increased against yen to 3.5927/5981 from 3.6098/6185.
It declined against the British pound to 5.8275/8366 from 5.8206/8332 yesterday and fell against the euro to 4.5400/5471 from 4.4889/4985. – Bernama, March 11, 2016.
Please note that you must sign up with disqus.com before commenting. And, please refrain from comments of a racist, sexist, personal, vulgar or derogatory nature and note that comments can be edited, rewritten for clarity or to avoid questionable issues. As comments are moderated, they may not appear immediately or even on the same day you posted them. We also reserve the right to delete off-topic comments