Ringgit eases on selling pressure
KUALA LUMPUR: The ringgit closed lower against the US dollar on selling pressure after Tuesday's advances, dealers said.
The ringgit was quoted at 3.1050/1070 to a US dollar against 3.1001/1020. Dealers said investors were cautious as the 13th general election is expected to be held soon.
The local currency was lower against the Singapore dollar at 2.4944/4962 from 2.4902/4924 and was higher against the yen at 3.3230/3269 from 3.3299/3333 on Tuesday.
The ringgit rose against the British pound to 4.6895/6934 from 4.6951/6992 on Tuesday, but fell against the euro to 4.0533/0568 from 4.0525/0559.INTERBANK RATESKUALA LUMPUR:,/b> Short-term rates closed stable yesterday as Bank Negara Malaysia continued to intervene to absorb excess liquidity from the financial system.
The liquidity surplus in the conventional operations was trimmed to RM17.5 billion from the RM30.5 billion estimated in the morning, while the excess in the Islamic system eased to RM2.3 billion from RM7.7 billion earlier.
The central bank conducted six tenders comprising one conventional, one repo and four Al-Wadiah tenders. Bank Negara also issued a late tender for RM16.8 billion in the conventional operations and a RM2.3 billion Al-Wadiah tender, both for one day.
The overnight rate stood at 2.90 per cent, while the one-week, two-week and three-week rates were pegged at 2.98, 3.01 and 3.04 per cent, respectively.
KUALA LUMPUR: The three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures contracts on Bursa Malaysia Derivatives closed untraded yesterday.
Spot month March 2013, April 2013 and May 2013 were unchanged at 96.79 respectively, while June 2013 was pegged at 96.78. Open interest stood at 11,215 contracts.
At the 11 am fixing, the underlying three-month KLIBOR stood at 3.21 per cent. - Bernama