Ringgit Closes 100 Pip Higher Against Greenback

KUALA LUMPUR, March 16 (Bernama) -- The ringgit closed higher by more than 100 percentage-in-points (pip) against the US dollar Thursday, as the bearish outlook in the US interest rate spurred more investors to shift towards emerging currencies, including the ringgit. At 6pm, the ringgit stood at 4.4350/4390 against the greenback compared with 4.4460/4500 on Wednesday. A dealer said the greenback retreated further after the US Federal Reserve concluded its two-day meeting yesterday and decided to increase interest rate. The Fed's decision signalled new concern among traders that the US may raise its interest rates four times this year, more than the early projections of three. On the home front, the ringgit was traded lower against other major currencies. The local note weakened against the Singapore dollar to 3.1586/1630 from 3.1463/1507 on Wednesday and versus the yen, it fell to 3.9099/9145 from 3.8782/8821 Wednesday. The ringgit eased against the euro to 4.7499/7546 from 4.7243/7290 on Wednesday and against the British pound, it edged down to 5.4320/4387 from 5.4250/4312 Wednesday. -- BERNAMA