Ringgit closes sharply higher against US dollar

KUALA LUMPUR, May 3 — The ringgit closed sharply higher against the US dollar today on better demand as some investors saw the general election worry as being overdone, a dealer said.

At 5pm, the ringgit was quoted at 3.0315/0345 to the greenback against yesterday’s close of 3.0495/0525.

The dealer said the strength of the ringgit was testament to the country’s solid fundamentals and the key reforms being undertaken by the government.

The ringgit was also traded sharply higher against other currencies. It rose against the yen at 3.0888/0925 from 3.1357/1401 yesterday and appreciated against the British pound to 4.7139/7200 from 4.7484/7540 yesterday.

The ringgit was higher against the euro at 3.9795/9840 from 4.0162/0211 yesterday and strengthened against the Singapore dollar to 2.4578/4611 from 2.4710/4755 yesterday. — Bernama