The Malaysian Insider

Business

Ringgit closes at 13-year high against US$

Sep 06, 2010

KUALA LUMPUR, Sept 6 — The ringgit closed at a 13-year high against the US dollar today amid foreign funds returning to Malaysia, dealers said.

At 5pm, the ringgit was quoted at 3.1150/1200 from 3.1200/1220 last Friday,

the currency's strongest level since October 15, 1997, when it was at 3.075.

A dealer said the strengthening ringgit, robust domestic demand and credit growth were expected to attract fresh funds from foreign investors needing to rebalance their portfolios.

The stronger ringgit was also in line with the bullish emerging-market stocks and currencies after a bigger-than-estimated increase in private US payrolls eased concern that global economic growth would slow, he said.

Compared with other major currencies, the ringgit was traded mixed.

The local unit rose against the Singapore dollar to 2.3145/3192 from 2.3152/3188 on Friday. It, however, fell against the yen to 3.7017/7099 from 3.6971/7017 last week.

Against the British pound, it appreciated to 4.7924/8004 from 4.8036/8076.

It fell against the euro to 4.0140/0211 from 4.0023/0058 previously. — Bernama