KUALA LUMPUR, Oct 2 – The ringgit closed higher against the US dollar Thursday as the market reacted positively to the government’s measure to keep to its budget deficit goals by cutting the fuel subsidies further. At 5 pm, the ringgit was quoted at 3.2480/2510 against the greenback from 3.2720/2750 on Wednesday. A dealer said the local currency also led the gains among Asian currencies today on the back of greenback’s broad weaknesses which were prompted by the US’ slower-than-expected manufacturing survey.
Meanwhile, the local unit was traded higher against other major currencies, except for the yen. The ringgit was higher against the British pound to 5.2546/2608 from Wednesday’s 5.2934/2993, up against the Singapore dollar to 2.5535/5566 from 2.5661/5686 and gained against the euro to 4.1071/1112 from 4.1227/1268 yesterday. However, it fell against the yen to 2.9958/9996 from Wednesday’s 2.9789/9830.