Ringgit Ends Sharply Higher Against US Dollar

KUALA LUMPUR, Aug 16 (Bernama) -- The ringgit ended sharply higher against the US dollar for the second consecutive day boosted by higher crude oil prices, said a dealer. At 6 pm, the local unit was quoted at 3.9830/9880 against the US dollar from 4.0050/0100 on Monday. International benchmark, Brent crude oil, rose 0.52 per cent to US$48.60 per barrel. FXTM Vice-President for Corporate Development and Market Research Jameel Ahmad said expectations of US interest rates rising in 2016 had taken a back seat as the US retail sales figure provided doubt on how slow consumer spending could weigh on the US economic growth in the third quarter. "If the upcoming US Federal Reserve Minutes, due to be released tomorrow (Wednesday), suggest a delay in raising interest rates, it would likely lead to investors refocusing their portfolio to where they can find yield. "This would ultimately be beneficial for emerging market currencies because their own rates are still far higher than anything that can be found in the developed world," he said in a note Tuesday. The ringgit traded higher against the Singapore dollar at 2.9748/9803 from Monday's 2.9804/9847 but declined against the British pound to 5.1707/1788 from 5.1693/1781 Monday. The local unit fell against the euro to 4.4888/4961 from Monday's 4.4712/4784 and depreciated against the yen to 3.9794/9856 from 3.9646/9707 on Monday. -- BERNAMA