Ringgit Extends Gains To Close Higher Against Greenback

KUALA LUMPUR, March 13 -- The ringgit extended its gain last week to close higher against the US dollar Monday on increasing concern over the possibility of interest rate increase decision by the US Federal Reserve (Fed) this week. As at 6pm, it stood at 4.4450/4480 against the greenback compared to 4.4490/4540 on Friday. A dealer said the ringgit rose as more traders recovered short positions on expectations of the Fed's imminent rate increase not having much of an effect on the local currency. "A positive number on the US non-farm payrolls statistics for February has further added to the possibility that the Fed is going to announce an interest rate increase after the meeting on Wednesday," he said. Meanwhile, the ringgit was traded mixed against other major currencies. The local note fell against the Singapore dollar to 3.1451/1484 from 3.1384/1424 on Friday and versus the yen, it slipped to 3.8777/8813 from 3.8566/8620 last week. The ringgit depreciated against the euro to 4.7397/7442 from 4.7217/7275 last Friday and against the British pound, it edged lower to 5.4256/4301 from 5.4167/4241 last week. -- BERNAMA