Ringgit Ends Higher Against US Dollar

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KUALA LUMPUR, May 17 – Fresh buying interest helped the ringgit to end higher against the US dollar today. At 5 pm, the local unit was quoted at 4.0160/0210 against the greenback from Monday’s 4.0270/0330. A dealer said the stronger ringgit was in line with higher crude oil prices, which rose to a six-month high today.

Brent crude futures were up 37 cents to US$49.34 a barrel, near the six-month high of US$49.47 reached on Monday. The dealer added that the investors were also keeping their eyes on Bank Negara Malaysia’s Monetary Policy Committee meeting on Thursday. The local unit was traded mostly higher against other currencies.

It rose against the Singapore dollar to 2.9331/9387 from 2.9420/9481 on Monday and went up against the euro to 4.5473/5542 from 4.5590/5666. The ringgit increased against the yen to 3.6622/6678 from 3.7013/7085 on Monday but declined against the British pound to 5.8099/8180 from yesterday’s 5.7808/7910.

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