Business

Ringgit closes higher against US dollar

KUALA LUMPUR, Jan 9 — The ringgit continued to strengthen against the US dollar in line with gains in other regional currencies, dealers said. At 5 pm, the ringgit was quoted at 3.0360/0390 against the US dollar from 3.0410/0440 yesterday.

Dealers said major Asian currencies traded higher as players took cue from China's strong yuan adjustments that indicated a recovery in the world's biggest energy consumer and expectation of more stimulus from Japan.

China will release its December trade figures on Thursday and fourth-quarter economic data in the third week of January while the European Central Bank and Bank of England would begin their policy meeting later in the day.

The ringgit's performance was also influenced by data released by Bank Negara Malaysia that international reserves stood, as at Dec 31, 2012, stood at RM427.1 billion.

Meanwhile, the ringgit was traded higher against other major currencies.

It appreciated against the Singapore dollar to 2.4751/4778 from 2.4726/4770 on Tuesday and jumped against the yen to 3.4646/4684 from 3.4778/4816 previously.

The local unit increased against the British pound to 4.8770/8828 from 4.8924/8975 on Tuesday and rose against the euro to 3.9741/9790 from 3.9904/9949 yesterday. — Bernama

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