Ringgit ends sharply higher against US dollar
KUALA LUMPUR, Aug 15 — The ringgit ended sharply higher against the US dollar and most major currencies prompted by higher crude oil prices, said a dealer.
At 6pm, the local unit was quoted at 4.0050/0100 against the US dollar from 4.0260/0310 last Friday.
International benchmark, Brent crude oil, gained 0.21 per cent to US$47.36 per barrel.
The dealer said the US dollar was softer against a basket of currencies as retail sales stalled in July despite further improvements being recorded in the US jobs market.
“As such, expectations that US interest rates would be raised was likely to take another hit and this will also contribute to a drop in demand for the greenback,” he added.
The ringgit traded higher against the Singapore dollar at 2.9804/9847 from last Friday’s 2.9898/9939 and strengthened against the British pound to 5.1693/1781 from 5.2153/2230, previously.
The local unit rose against the euro to 4.4712/4784 from 4.4882/4946 but decpreciated against the yen to 3.9646/9707 from 3.9393/9454 last Friday. — Bernama