Ringgit Closes Higher Against Dollar

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KUALA LUMPUR, Dec 29 – The ringgit remained higher at Tuesday’s close against the US dollar, supported by buying in the local note, dealers said. At 5 pm, the local unit was at 4.2900/2970 from the 4.2950/2020 recorded on Monday. A dealer said the dollar was trading at more than a one-week low against a basket of major currencies as investors took profit ahead of the year-end. He said that the most Asian currencies are taking advantage of the current soft tone of the US dollar. 

He said in the short term there would be no speculators in the fray. Meanwhile, the ringgit was mostly higher against other major currencies. It rose against the Singapore dollar to 3.0421/0488 from 3.0528/0582 yesterday and improved to 6.3844/3957 from 6.4090/4207. However, against the yen it fell to 3.5631/5698 from 3.5614/5675 and weakened to 4.7130/7211 from 4.7112/7193 versus the euro.

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