Ringgit rises sharply against US dollar
KUALA LUMPUR: The ringgit closed sharply higher against the US dollar yesterday on continued buying demand for the ringgit ahead on the US Federal Reserve's monetary meeting this week, dealers said.
The ringgit stood at 3.2485/2515 per US dollar from 3.2880/2920 last Friday.
Meanwhile, the local currency rose against other major currencies.
It was higher against the Singapore dollar at 2.5743/5769 from 2.5876/5913 last week and stronger against the yen at 3.2737/2774 from 3.2979/3036 previously.
The local unit also improved against the British pound to 5.1687/1748 from 5.1973/2050 and it even appreciated against the euro to 4.3384/3434 from 4.3694/3754 last Friday.INTERBANK RATESKUALA LUMPUR:
Short-term interbank rates closed stable yesterday on Bank Negara Malaysia's intervention to absorb excess liquidity from the financial system through various instruments.
The liquidity surplus in the conventional system fell to RM20.99 billion from RM28.08 billion estimated in the morning and in the Islamic system, it declined to RM3.60 billion from RM5.94 billion estimated earlier.
The central bank called for a RM19.7 billion conventional money market tender and a RM3.6 million 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 contracts were traded higher yesterday at closing, with one contract month traded.
September 2013 rose one point to 96.80 with 660 lots traded.
At the 11 am fixing, the underlying three-month KLIBOR stood at 3.20 per cent. - Bernama