The ringgit closed firmer against the US dollar Monday following improved sentiment on the global market recovery, prompting investors to buy stocks in the local bourse as well as raising demand for local currency, dealers said.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index rose 10.70 points, up by almost one percent, to 1,174.49 at close.
The ringgit ended higher at 3.5080/5110 against the US dollar compared to 3.5170/5220 last Friday.
According to the dealers, Asian stocks reacted positively after last Friday's upbeat US housing data and optimism shown by the US Federal Reserve chairman Ben Bernanke concerning the global economy.
However, one of the dealers said that traders remained cautious ahead of the Bank Negara Malaysia's monetary policy committee meeting tomorrow which is likely to retain the overnight policy rate at the current level until middle of next year.
The ringgit moved between 3.5011 and 3.5150 against the US dollar during the trading session.
Against other major currencies, the ringgit was mostly higher at close.
The local currency declined against the Singapore dollar to 2.4448/4506 from 2.4407/4465 last Friday but it rose against the Japanese yen to 3.6973/7016 from 3.7499/7564 previously.
The ringgit strengthened against the euro at 5.0154/0200 from 5.0272/0361 last Friday as well as against the British pound at 5.7819/7889 from 5.8009/8109 previously
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