Ringgit ends sharply higher against US dollar

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KUALA LUMPUR (June 30): The ringgit ended sharply higher against the US dollar today, with investor appetite inclined towards the local note.

At 5 pm, the ringgit was quoted at 3.2095/2125 against the greenback, from the 3.2115/2145 recorded on Friday.

A dealer said that the ringgit's strength was due to an anticipated interest rate hike by Bank Negara Malaysia next month, following its monetary policy committee meeting on July 10.

Meanwhile, the ringgit traded mostly higher against other major currencies.

It appreciated against the Singapore dollar to 2.5705/5737, from 2.5711/5737 last Friday, rose against the yen to 3.1658/1697, from 3.1662/1698 and increased against the British pound to 5.4639/4702, from 5.4673/4733.

However, it weakened against the euro at 4.3819/3870, from 4.3747/3794.