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Ringgit at post-crisis high against greenback [27-07-2011]  
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RINGGIT

THE ringgit closed at its highest level against the US dollar yesterday since the Asian financial crisis, boosted by lingering concerns over a possible default by the US on its debt, dealers said.

The local unit ended at 2.9540/9560 against the greenback compared with 2.9700/2730 on Monday. The ringgit was also higher against the Singapore dollar at 2.4522/4568 from 2.4578/4623 previously and was up against the yen to 3.7809/7844 from 3.7994/8037 on Monday.

Against the British pound, however, the local currency dipped to 4.8384/8425 from 4.8349/8412 on Monday and depreciated against the euro to 4.2765/2806 versus 4.2691/2737 previously.


INTERBANK RATES

SHORT-TERM rates closed stable yesterday as Bank Negara Malaysia continued to absorb excess liquidity from the money market, dealers said.

The overnight rate was pegged at 2.99 per cent while the one, two and three-week rates at 3.02, 3.04 and 3.06 per cent respectively.

Liquidity surplus in conventional operations was reduced to RM17.78 billion from an earlier estimate of RM22.33 billion, while the surplus in the Islamic system was reduced to RM4.55 billion from RM8.31 billion.

Bank Negara earlier called for three conventional and three Al-Wadiah tenders along with a repo tender.

It later called for RM18 billion conventional and RM4.5 billion Al-Wadiah tenders for one-day.

KLIBOR

THE three-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures contracts on Bursa Malaysia Derivatives closed untraded yesterday.

The five-year Malaysian Government Securities futures were also untraded.

Source:BUSINESS TIMES
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