Ringgit ends sharply higher against US dollar

KUALA LUMPUR: The ringgit ended sharply higher against the US dollar today, in line with emerging Asian currencies, following the release of the US Federal Reserve's (Fed) meeting minutes.
At 6pm, the local unit was traded at 4.4470/4510 against the US dollar versus 4.4510/4540 yesterday.
A dealer said demand for emerging Asian currencies, including the ringgit, improved as the minutes did little to boost expectations that there would be an interest rate increase by the Fed next month.
Furthermore, the ringgit also found support in the higher global oil price after a data in the United States showed a decline in inventories.
As at 5pm, international benchmark Brent crude oil rose 70 US cents to US$56.54 a barrel.
Meanwhile, the local note was traded mostly lower against other major currencies.
It fell against the Singapore dollar to 3.1452/1485 from 3.1365/1406 yesterday and versus the yen, it increased to 3.9278/9323 from 3.9334/9371 on Wednesday.
Vis-a-vis the euro, the ringgit depreciated to 4.6894/6954 from 4.6776/6812 yesterday and declined against the British to 5.5467/5535 from 5.5366/5421 previously.