Ringgit up most since 1998
KUALA LUMPUR: The ringgit closed sharply higher yesterday versus the US dollar, climbing the most since the 1998 financial crisis.
The local note was quoted at 3.1470/1500 per US dollar from 3.2325/2355 on Wednesday.
A dealer said the rise was in line with the US Federal Reserve's unexpected decision to maintain its bond buying programme. The ringgit also strengthened against other major currencies.
It rose against the Singapore dollar at 2.5299/5332 from 2.5667/5701 and was higher against the yen at 3.1836/1879 from 3.2691/2735 previously.
It also improved against the British pound to 5.0591/0652 from 5.1594/1652 and gained against the euro to 4.2678/2725 from 4.3151/3197 previously.INTERBANK RATESKUALA LUMPUR:
Short-term interbank rates closed stable yesterday on Bank Negara's intervention to absorb excess liquidity from the financial system through various instruments.
The liquidity surplus in the conventional system fell to RM17.88 billion from RM21.24 billion estimated in the morning and dwindled to RM3.10 billion from RM6.74 billion estimated earlier in the Islamic system.
The central bank called for a RM17.9 billion conventional money market tender and a RM3.1 billion Al-Wadiah tender, both for one-day money.
The overnight rate stood at 2.92 per cent while the one-, two- and three-week rates stood at 2.97 per cent, 3.01 per cent and 3.04 per cent, respectively.KLIBORKUALA LUMPUR:
The three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures contract ended untraded yesterday.
October 2013, November 2013 and December 2013 each remained pegged at 96.78, respectively.
At the 11 am fixing, the underlying three-month KLIBOR stood at 3.20 per cent. - Bernama