Ringgit ends 100-pip higher against greenback

General

A money changer counts ringgit at a shop in Putrajaya. — Reuters picA money changer counts ringgit at a shop in Putrajaya. — Reuters picKUALA LUMPUR, March 10 — The ringgit closed higher by 100 percentage-in-point (pip) against the US dollar as the market priced in a definite hike by the US Federal Reserve (Fed) for next week.

As at 6pm, the local unit stood at 4.4490/4540 against the greenback from 4.4590/4620 yesterday.

A dealer said the ringgit ended the week higher as traders recovered short positions on expectations of the Fed’s imminent rate hike not having much of an effect on it next week.

“The market has priced in a definite hike in the Fed funds target range to 0.75- 1.00 per cent for next week,” she added.

Another dealer said some traders were somewhat cautious on the US dollar as they awaited the release of US non-farm payrolls statistics later today.

The non-farm payrolls could still influence the Fed’s decision on raising interest rates at its March 14-15 meeting.

Meanwhile, the ringgit traded mixed against other major currencies.

The local note declined against the Singapore dollar to 3.1384/1424 from 3.1377/1416 yesterday and versus the yen, improved to 3.8566/8620 from 3.8821/8857.

The ringgit depreciated against the euro to 4.7217/7275 from 4.7074/7123, but against the British pound, edged higher to 5.4167/4241 from 5.4177/4227. — Bernama