Ringgit Rebounds On Improved Risk Appetite

KUALA LUMPUR, Feb 15 (Bernama) -- The ringgit closed stronger against the US dollar Monday, reversing last Friday's weaker close, on the back of improved risk appetite for the local note, dealers said. At 5 pm, the local unit was traded at 4.1250/1340 from 4.1650/1750 against the greenback previously. A dealer said the ringgit rallied after the United Arab Emirates raised hopes of a coordinated oil production cut, sending prices to a better level, with a 12 per cent jump seen last Friday. The uptrend, which was also in sync with most other emerging currencies, was also partly aided by speculation that the authorities from Europe to Japan would increase stimulus to stabilise global economic growth. Against other major currencies, the ringgit was also traded higher. It rose against the Singapore dollar to 2.9492/9573 from 2.9831/9918 on Friday and strengthened versus the yen to 3.6241/6330 from 3.6979/6081. The ringgit appreciated vis-a-vis the British pound to 5.9775/9914 from 6.0422/0583 and firmed against the euro to 4.6167/6284 from 4.6973/6102. -- BERNAMA