The ringgit closed at a 13-year high against the US dollar today at 2.9920/9945 from last Friday’s closing of 3.0050/0064, dealers said.

A dealer said demand for the ringgit was robust in line with Asian currencies on speculation that central banks in the region would raise interest rates to cool inflation.

Higher interest rates would attract foreign investors due to the higher yield.

Bank Negara Malaysia's next monetary policy committee meeting is on May 5.

The dealer said foreign funds are coming to emerging markets including Malaysia, amid positive factors like the government’s Economic Transformation Programme, strong liquidity and robust economic activities.

Compared with other major currencies, the ringgit rose against the Singapore dollar to 2.4254/4280 from 2.4355/4384 on Friday and also against the Japanese yen to 3.6461/6514 from 3.6652/6691 previously.

The ringgit was stronger against the British pound at 4.9446/9499 from last Friday’s 4.9638/9687 as well as against the euro at 4.3665/3711 from 4.3762/3821 previously.

- Bernama