Ringgit ends higher against US Dollar

KUALA LUMPUR: The ringgit ended higher against the US dollar today on continued demand as investor sentiment towards the local currency remained positive on the back of the country's high foreign reserves, dealers said.
At 6pm, the local unit was quoted at 4.2780/2800 against the greenback from Tuesday's 4.2790/2830.
Yesterday, Bank Negara Malaysia (BNM) said the country's foreign reserves hit a two-year high of US$100.40 billion (equivalent to RM431.0 billion) as at Aug 15, 2017, sufficient to finance 7.9 months of retained imports.
"The foreign reserves has always been a barometer of confidence among investors towards the country's economy, including the ringgit," said a dealer.
Besides, the local currency was also supported by the commendable gross domestic product growth of 5.8% recorded in the second quarter of 2017.
"This shows that the market continued to view the ringgit favourably," said the dealer.
Meanwhile, the ringgit ended mostly higher against other major currencies.
The ringgit rose against the yen to 3.9126/9148 from 3.9138/9193 on Tuesday and strengthened versus the Singapore dollar to 3.1380/1411 from 3.1399/1439 yesterday.
The local unit, however, fell against the euro to 5.0391/0418 from 5.0291/0355 yesterday, but improved against the British pound to 5.4750/4784 from 5.4925/4985 on Tuesday. — Bernama