MONEY MARKET

KUALA LUMPUR The ringgit was traded sharply higher against the US dollar, reflecting brisk demand for the local note amid a firmer cash market, dealers said.

At 5pm, the local currency was quoted at 3.0790/0820 against the greenback compared with 3.0825/0845 at closing on Wednesday.

A dealer said the strengthening of the ringgit was also in line with other emerging Asian currencies, supported by superior economic growth and trade surpluses.

Meanwhile, the local note was also traded higher against other major currencies.

The ringgit rose against the Singapore dollar to 2.4805/4831 from 2.4883/4909, and was higher against the yen at 3.2248/2286 from 3.2938/3973 on Wednesday.

It also strengthened against the euro to 3.9390/9431 from Wednesday’s 3.9489/9534 and appreciated against the British pound to 4.6394/6452 from 4.6557/6612 previously. – Bernama