RINGGIT CLOSES HIGHER AGAINST US DOLLAR ON SHORT COVERING

12 Jul 2013 11:19

KUALA LUMPUR, July 9 (Bernama) -- The ringgit closed higher against the US dollar today on short covering, dealers said.

At 5.00 pm, the ringgit rose to 3.1865/1895 per US dollar against yesterday's closing of 3.2080/2110.

A dealer said interbank traders covered short positions in the ringgit after recent dips following concerns that the US Federal Reserve might scale back stimulus programmes which have fuelled rallies in emerging markets in the last few years.

"Some traders expect further short covering in emerging Asian currencies in the near term, but the outlook for the regional units remain dim on expectations the US Federal Reserve soon will begin tapering its stimulus," he said.

Meanwhile, the ringgit also strengthened against other major currencies.

It appreciated against the Singapore dollar to 2.4935/4969 from Monday's 2.5018/5045 and firmed against the yen to 3.1487/1520 from 3.1656/1698.

The local unit rose against the British pound to 4.7457/7511 from 4.7780/7834 previously and improved against the euro to 4.1013/1058 from 4.1184/1236.

-- BERNAMA

MKI WGM