Ringgit extends gains against US dollar

KUALA LUMPUR: The ringgit extended its gains against the US dollar for the fourth consecutive day today on continued buying support for the local currency, dealers said.
At 6pm, the local note was quoted at 4.3390/3430 against the greenback from Thursday's close of 4.3450/3480.
Oanda Senior Trader Stephen Innes said there had been a shift in sentiment for the ringgit after Bank Negara Malaysia's (BNM) timely move to increase liberalisation in the foreign exchange markets.
"After last month's massive Malaysian Government Securities outflow, BNM has made tremendous efforts to reassure foreign investors that Malaysia is indeed open for business and is actively moving to greater liberalisation of onshore market.
"It seems to have worked, as outflows have dropped to a trickle while the local currency has shown signs of appreciating," said Innes.
At the close, the local note was traded mixed against most major currencies.
It rose against the Singapore dollar to 3.1088/1121 from 3.1120/1146 and was higher against the Japanese yen at 3.8911/8958 from 3.9046/9083 on Thursday.
The ringgit however weakened against the British pound to 5.6129/6198 from 5.6051/6107 and fell against the euro to 4.7456/7508 from 4.7334/7385, yesterday. — Bernama