FOREX: Ringgit Closes Higher Against The U.S Dollar

March 16, 2009 18:44 PM

FOREX: Ringgit Closes Higher Against The U.S Dollar

By: Ramjit-->

KUALA LUMPUR, March 16 (Bernama) -- The ringgit closed higher against the US dollar on weaker demand for the greenback globally as well as buying support for the local currency, after the government announced a second stimulus package last week, dealers said.

The ringgit was traded against the US dollar at 3.6690/6740 from 3.7010/7060 last Friday.

Maybank Investment Bank, in its research note said there could be potential for the greenback to gain towards the upside targets of between 3.80-3.94 against the ringgit in the short term, despite some Bank Negara currency intervention.

Meanwhile, the local currency was mostly higher against major currencies.The ringgit was higher against the Singapore dollar at 2.3912/3969 from 2.3989/4043 last Friday and rose against the yen at 3.7378/7436 from 3.7577/7640 previously.

Against the British pound, the ringgit was weaker at 5.1927/2005 from 5.1884/1969 last Friday but appreciated against the euro at 4.7631/7707 from 4.7850/7930 previously.-

- BERNAMA