RINGGIT CLOSES HIGHER AGAINST US DOLLAR

12 Jul 2013 11:19

KUALA LUMPUR, July 11 (Bernama) -- The ringgit closed higher against the US dollar today as investors reassessed the risk of an early end to the Federal Reserve's (Fed) stimulus programme, a dealer said.

At 5.00 pm, the ringgit rose to 3.1630/1660 per US dollar against yesterday's close of 3.1790/1820.

The dealer said the Fed's decision to keep the economic stimulus programme eased concerns over money outflows from emerging Asian markets.

The market is also anticipating Bank Negara Malaysia to keep the key interest rate at three per cent at its Monetary Policy Committee meeting today.

The ringgit declined against the Singapore dollar to 2.4986/4028 from 2.4931/4957 on Wednesday. It declined against the yen to 3.1818/1858 from 3.1784/1820 yesterday.

The local unit also dropped against the British pound to 4.7704/7753 from 4.7329/7383 on Wednesday and depreciated against the euro to 4.1356/1399 from 4.0761/0806 previously.

-- BERNAMA

NHIZ MKI NN