Ringgit gains to near 6-week high
The ringgit firmed against the US dollar closing at a near six-week high today, leading gains among emerging Asian
currencies ahead of the US Federal Reserve (Fed) two-day meeting, dealers said.
The local note was quoted at 3.2325/2355 for a US dollar from 3.2485/2515 yesterday.
A dealer said investors were expecting the Fed to scale back its monetary stimulus only modestly later today.
The Fed is set to announce the results of its policy meeting, which investors expect would reduce its monthly bonds purchase by about US$10 billion from an existing amount of US$85 billion.
Meanwhile, the local currency strengthened against other major currencies.
The ringgit was higher against the Singapore dollar at 2.5667/5701 from 2.5743/5769 yesterday and stronger against the yen at 3.2691/2735 from 3.2737/2774 previously.
The local currency also improved against the British pound to 5.1594/1652 from 5.1687/1748 and gained against the euro to 4.3151/3197 from 4.3384/3434.-- Bernama