Wednesday, April 27, 2011
Ringgit hits another new high of 2.97 against US dollar
The ringgit continued its upward momentum against the US dollar Wednesday to close at 2.97, another new 13-year high, dealers said.
The ringgit ended at 2.9780/9801 from Tuesday's 2.9905/9925 close and remained firm at its strongest level since Oct 9, 1997.
The stronger ringgit was again in line with Asian currencies on continuing speculation that central banks in the region would raise interest rates to cool inflation.
Higher interest rates would attract foreign investors due to the higher yield.
Bank Negara, which has kept its overnight rate at 2.75% since last July after raising it three times earlier in 2010, will hold the next monetary policy committee meeting on May 5.