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Finance, Markets  |  JANUARY 27, 2016 9:43AM

Ringgit closes higher against US dollar

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Ringgit Malaysia 2The ringgit extended its uptrend momentum to close near seven-week high against the US dollar on continued demand, dealers said.

At 5 pm, the local unit was traded at 4.2530/2600 from 4.2885/2945 against the greenback on Tuesday.

“At the same time, investors are keeping a close watch on the US Federal Reserve meeting on the interest rates policy following a slow-moving global economy,” said a dealer.

On the home front, Attorney-General Mohamad Apandi Ali’s recent remarks clearing Prime Minister Najib Abdul Razak of criminal wrongdoing over a RM2.6 billion donation, had reduced the risks to the sovereign ratings, according to Standard & Poor’s Ratings Services.

The ringgit also gained further support from demand against the Singapore dollar and traded higher against other major currencies.

It rose against the Singapore dollar to 2.9779/9849 from 2.9964/9015 on Tuesday.

It was better against the yen at 3.5972/5035 from 3.6322/6376 yesterday.

The local note, however, fell marginally against the British pound to 6.0848/0965 from 6.0841/0939 but strengthened against the euro to 4.6209/6302 from 4.6500/6582.



 
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