Ringgit hits a high of 4.06 against US dollar

KUALA LUMPUR: The ringgit finished at a 14th month high against the US dollar, supported by the strong export forecast for Oct, revealed by a Reuters poll, amid firm crude oil prices which stayed at their highest level since mid-2015.
At 6 pm, the local unit ended 275 basis points better at 4.0600/0650 against the US dollar from 4.0875/0915 last Thursday.
The market was closed last Friday for the Maulidur Rasul holiday.
Oanda Corp Head of Trading for Asia Pacific Stephen Innes told Bernama that investors remained confident of the ringgit as positive global growth provided a boon to domestic exports.
At the close, the ringgit was traded higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0094/0142 from 3.0278/0328 last Thursday and strengthened against the euro to 4.8123/819 from 4.8355/8419.
The local note also increased against the yen to 3.5958/5009 from 3.6379/6424 and appreciated versus the pound to 5.4522/4609 from 5.5001/5072 last Thursday. — Bernama