Ringgit Extends Gains To End Higher Against US Dollar

KUALA LUMPUR, July 13 (Bernama) -- The ringgit extended Wednesday's gains to close higher against the US dollar Thursday, as investors shifted interest towards the emerging currencies, including the local note, dealers said. At 6 pm, the local unit stood at 4.2905/2945 against the greenback compared with Wednesday's close of 4.2920/2950. A dealer said that the US dollar slipped against other major currencies Thursday as US Federal Reserve Chair Janet Yellen’s congressional testimony did not sound as hawkish as many had anticipated. "Yellen's comments sparked a significant decline in US Treasury yields. The Fed still appears to be in a position to continue hiking rates,” he said. The ringgit dropped against the Singapore dollar to 3.1149/1190 from 3.1061/1092 on Wednesday, eased against the yen to 3.7969/8015 from 3.7835/7865 and weakened against the pound to 5.5442/5511 from 5.5165/5208. However, the local note strengthened against the euro to 4.8890/8949 from 4.9178/9216 Wednesday. -- BERNAMA