Ringgit ends higher versus greenback

KUALA LUMPUR: The ringgit closed higher against the US dollar today, on better sentiment boosted by the encouraging economic growth recorded in the first quarter amid subdued demand for the dollar, said dealers.
At 6pm, the local unit was quoted at 4.2770/2800 against the greenback from Wednesday's close of 4.2910/2950.
Malaysia's first-quarter 2017 Gross Domestic Product growth of 5.6% contributed to the upbeat sentiment for the local note, while the greenback's strength deteriorated after the Federal Reserve toned down the possibility of interest rates being raised any time soon.
"Federal Reserve policymakers were of the view that they should pause the intent of raising the interest rates until the economic slowdown is revived as indicated through the release of US Federal Reserve policy meeting minutes, early this morning," he told Bernama, here today.
Against other major currencies, the ringgit was traded mostly higher.
It rose against the Singapore dollar to 3.0872/0911 from 3.0891/0926 on Wednesday and strengthened versus the Japanese yen to 3.8222/8262 from 3.8371/8417 yesterday.
The local unit appreciated against the British pound to 5.5396/5460 from 5.5706/5775 but trimmed vis-a-vis the euro to 4.8005/8047 from 4.7952/8014 on Wednesday. — Bernama