Ringgit ends higher lifted by BNM measures

KUALA LUMPUR: The ringgit ended higher today versus the US dollar on buying for the local note after Bank Negara Malaysia (BNM) announced measures to stabilise the currency, a dealer said.
At 6pm, the local unit was traded at 4.4470/4500 against the greenback from Friday's close of 4.4500/4550.
Earlier today, the ringgit opened at 4.4470 against the US dollar.
The dealer said the measures by BNM had helped to regain investor confidence and he hoped the local currency's uptrend would continue.
Last week, the central bank announced measures, which are effective today, to boost liquidity and spur more domestic trade of the ringgit.
It also said exporters could only retain up to 25% of export proceeds in foreign currency, while higher balances would need its approval.
Vis-a-vis other major currencies, the local note was traded mostly higher except with the British pound, whereby it declined to 5.6486/6542 from 5.6057/6137 on Friday.
The ringgit was up against the Singapore dollar to 3.1207/1232 from 3.1274/1327, and higher versus the Yen to 3.8934/8987 from 3.9128/9179.
It also strengthened to 4.7285/7321 from 4.7375/7432 against the Euro. — Bernama