TM:Ringgit ends higher versus US dollar on strong demand
KUALA LUMPUR, March 31 — The ringgit closed higher against the US dollar today on strong demand, dealers said.
At 5pm, the local unit was traded at 3.2640/2670 against the greenback from Friday’s close of 3.2710/2740.
A dealer said the ringgit headed for its biggest quarterly gain in more than a year on sentiment that the nation’s relatively higher yields would draw foreign capital.
“We’re starting to see the market reassessing asset allocations. What we’re starting to see is some shift out of developed-market equities and those monies being reallocated in emerging markets,” he said.
Against other major currencies, the ringgit was traded mostly higher.
The local unit appreciated against the Singapore dollar to 2.5886/5927 from 2.5911/5945 on Friday and rose against the yen to 3.1643/1688 from 3.2015/2048.
The domestic currency, however, weakened against the euro to 4.4873/4918 from 4.4849/4900 but was firmer against the British pound at 5.4271/4333 from 5.4351/4420 close previously. — Bernama
