Ringgit firmer against US dollar
KUALA LUMPUR: The ringgit closed sharply higher against the US dollar as government efforts to tackle fiscal deficit has helped boost the local currency's strength, dealers said.
The ringgit rose against the US dollar to 3.1335/1365 from 3.1550/1585 last Friday.
The domestic currency also gained sharply against major currencies.
It closed higher against the Singapore dollar to 2.5342/5370 from 2.5516/5546 last Friday and jumped against the yen to 3.2092/2133 from 3.2492/2532 previously.
The ringgit also appreciated against the British pound to 5.0772/0836 from 5.1152/1212 on Friday and strengthened against the euro to 4.3271/3315 from 4.3602/3654 previously.INTERBANK RATESKUALA LUMPUR:
Short-term interbank rates are expected to remain stable yesterday as Bank Negara intervenes to reduce excess liquidity from the financial system.
The central bank estimated yesterday's liquidity at RM25.73 billion in the conventional system and RM4.28 billion in Islamic funds.
The bank will conduct one range maturity auction tender worth RM6 billion for 2-days to 92-days and two repo tenders comprising a RM250 million for 31-days and a RM200 million for 92-days.
The central bank will also call for two Al-Wadiah tenders - RM800 million for seven-days and RM700 million for 10-days.
At 4pm, Bank Negara will conduct up to RM19.3 billion in conventional overnight tenders and a RM2.8 billion Al-Wadiah overnight tender.KLIBORKUALA LUMPUR:
The three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures contract ended untraded yesterday.
Spot month November 2013, December 2013 and January 2014 all remained pegged at 96.79 while March 2014 stood at 96.78.
At the 11 am fixing, the underlying three-month KLIBOR stood at 3.21 per cent. - Bernama