Ringgit closes higher against US dollar

Ringgit closes higher against US dollar:

                        

Kuala Lumpur – The ringgit closed higher against the US dollar for the fourth trading days as the weaker US inflation data benefited most of the Asian currencies, dealers said.

At 5pm, the ringgit was quoted at 4.2500/2600 against the US dollar from 4.3050/3120 on Tuesday.

The market was closed on Wednesday for Malaysia Day holiday.

A dealer said the weaker inflation data had raised concern among investors that the US Federal Reserve (Fed) would raise interest rate later today.

He said that the investors were also waiting for the outcome of the two-day Fed meeting, especially after the US consumer prices data for August fell by 0.1 per cent.

The local note was also traded higher against other major currencies.

It strengthened against the Singapore dollar to 3.0368/0455 from Tuesday’s 3.0735/0796 and rose against the yen to 3.5162/5256 from 3.6010/6075 previously.

The local unit rose against the euro to 4.8148/8274 from 4.8655/8751 on Tuesday and appreciated vis-a-vis the British pound to 6.5879/5056 from 6.6448/6582 previously. – Bernama