Ringgit Climbs Further Against US Dollar In Late Trade

KUALA LUMPUR -- The ringgit climbed further against the US dollar in late session Wednesday on brisk commercial demand for the local currency, dealers said.

At 5.00pm, the local unit was traded at 3.4195/4210 versus the greenback, stronger than Tuesday's closing of 3.4210/4230.

"The ringgit restored its steady gains. Bank Negara Malaysia heavily supported the ringgit buying. We have seen strong intervention at the 3.4205 level today," said one of the dealers from a local brokerage.

He said the ringgit's gain was also supported by weaknesses of the greenback in most overseas markets following the weaker-than expected US housing data for March.

In late Tokyo trade today, the US dollar was quoted lower at 118.48 against the Japanese yen compared with 118.62 on Tuesday.

The dealers said that most forex players maintained a firm near-term outlook, expecting more upside for the ringgit on the back of a growing current account surplus and capital inflows.

In the late session today, the ringgit was mostly lower against other major currencies.

It fell against the Singapore dollar at 2.2611/2636 from Tuesday's 2.2569/2596 but strengthened against the yen at 2.8844/8867 from 2.8845/8871 previously.

Against the British pound, the ringgit slipped to 6.8540/8588 from 6.8324/8368 yesterday and it declined against the euro at 4.6649/6680 from 4.6406/6436 previously.