Ringgit hits new 13-year high

KUALA LUMPUR: The Malaysian ringgit hit a new 13-year high of 3.0345 in intra-day trading yesterday before ending trade at 3.036 against the US dollar.

A local wire service quoted a currency trader as saying the new high was driven by speculation that Asian central banks may raise interest rates to curb inflationary pressures and the continued demand for the local currency.

An Ambank Group report said yesterday that the ringgit's strength was precipitated by stronger-than-expected December export data, as manufacturers shipped more palm oil and petroleum products to customers in South-East Asia and Japan.