Ringgit Closes Higher Against US Dollar

KUALA LUMPUR, Oct 14 (Bernama) -- The ringgit rebounded to close higher against the US dollar Friday in line with most emerging markets' currencies after the release of better-than-expected economic data from China, dealers said. At 6 pm, the ringgit was quoted at 4.1980/2050 against the greenback from 4.2110/2170 on Thursday. A dealer said China's Producer Price Index (PPI), which measured the change in the prices of goods sold by China's manufacturers, rose 0.1 per cent in September 2016 from a year earlier as compared to expectations of a 0.3 per cent decline. "It was the first time PPI expanded in the world's second largest economy on an annual basis since January 2012," he said. The local note was traded higher against other major currencies. It rose against the Singapore dollar to 3.0247/0302 from Thursday's 3.0400/0461 and strengthened against the yen to 4.0230/0301 from 4.0522/0599 on Thursday. The ringgit firmed against the British pound to 5.1249/1339 from 5.1332/1409 on Thursday and rose against the euro to 4.6245/6331 from 4.6409/6480 Thursday. -- BERNAMA