KUALA LUMPUR: The ringgit closed sharply higher against the US dollar today on short-covering and expected technical pullback after hitting a nine-year low at above the 3.72 level last Friday.

At 5pm, the local unit was quoted at 3.6945/6975 against the greenback from Friday's close of 3.7255/0285.

A dealer said the US dollar eased broadly since Friday as the US Federal Reserve gave indication for a less aggressive rate hike path.

He said the ringgit would recover further on rebound in oil prices and on corporate demand at month-end. "We expect the US dollar to be more benign this week and more pullback for ringgit.

"No data was due out of the US this week and there are no major data elsewhere to influence markets," he said.

The local unit was traded higher against other major currencies bar the euro.

The ringgit was marginally higher against the Singapore dollar at 2.6801/6828 compared with 2.6825/6849 on Friday and improved against the yen to 3.0764/0802 from 3.0802/0837 previously.

It strengthened against the British pound to 5.4852/4912 from 5.4932/4988 previously, but eased against the euro to 3.9878/9915 from 3.9811/9858. -- BERNAMA