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Ringgit Extends Gains Against US$ Early Wednesday
Banking & Investment News
The Star Online, 03 May 17
clock 03-05-2017
hit 780

The ringgit extended Tuesday's gains to open higher against the US dollar on Wednesday as more investors shifted their interest towards emerging currencies, including the ringgit, dealers said.

At 9.01 am(0101gmt), the local note was quoted at 4.3100/3140 against the greenback from 4.3260/3300 registered at 6pm on Tuesday, May 2.

Most investors remained on the sidelines, awaiting hints from the US Federal Reserve's policy statement on the outlook for US interest rates.

The US Federal Reserve was expected to hold interest rates steady at its meeting this week as it paused to analyse more economic data.

The ringgit was traded higher against most major currencies.

It rose against the Singapore dollar to 3.0925/0971 from 3.1015/1055 and was higher against the Japanese yen at 3.8455/8508 from 3.8539/8585 Tuesday.

The ringgit improved against the British pound to 5.5789/5866 from 5.5827/5896 and advanced against the euro to 4.7113/7169 from 4.7227/7279 on Tuesday.

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