FOREX: Ringgit Closes Unchanged Against U.S. Dollar

KUALA LUMPUR, April 1 (Bernama) -- The ringgit closed unchanged against the US dollar today despite the gains on Bursa Malaysia, dealers said.

The ringgit was little changed at 3.6450/6500 against the greenback from the 3.6450/6480 at yesterday's closing.

Dealers said trading on the forex market was light as investors remained cautious over the global economic health.

Speculation that Malaysia's exports in February would be bearish, was also among the contributing factors, they said.The data is due for release on April 3.

However, on a positive note, dealers expect the ringgit to strengthen at 3.60 against the US dollar as investors start to look at assets and investments in emerging markets.

"Asian markets are likely to regain investor confidence once the stimulus packages start rolling and begin impacting the continent's economy. This will also benefit Malaysia and the ringgit as well," they said.

Compared to other major currencies, the ringgit was mostly higher.

It was stronger against the Singapore dollar at 2.3933/3989 from 2.3948/3989 yesterday and also strengthened against the Japanese yen at 3.6852/6906 from 3.7077/7130 previously.

Against the euro, the ringgit appreciated to 4.8103/8180 from yesterday's 4.8369/8420, but was lower against the British pound at 5.2430/2524 from 5.1985/1050 previously.