Business, Sarawak News - Saturday, October 25, 2008 10:00 - 0 Comments

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Ringgit closes at 3.57 to US dollar

KUALA LUMPUR: The ringgit fell further versus the US dollar as market players continued to sideline ahead of Bank Negara’s monetary policy meeting today to discuss the possibility of interest rate cut, dealers said.

As at 5.01 pm, the ringgit was quoted at 3.5790/5840 against the greenback from 3.5690/5720 recorded at Thursday’s closing.

During trade yesterday, the local note also eased to the lowest level for this year of 3.58 at 3.53pm.

Dealers said it was time for the central bank to cut OPR to allow more liquidity in the market.

The central bank has been keeping the overnight policy rate (OPR) at 3.5 per cent for quite some time, they said.

Against other major currencies, ringgit was mostly higher.

It rose against the Singapore dollar to 2.3713/3765 from Thursday’s close of 2.3752/3793 and higher against the euro to 4.4927/5004 from 4.5776/5829 previously.

Against the British pound, it also appreciated to 5.5503/5599 from 5.8207/8266 previously while declined against the yen to 3.8422/8500 from 3.6497/6535.

— Bernama