The concerns about the global economic recovery, caused by the surging oil prices and the conflicts in North Africa and Middle East, weakened the Asian currencies, including the Malaysian ringgit.
The concern about impact of the uprising in Libya intensified as the government warplanes bombed the rebels near the oil hub of Ras Lanuf. Declining demand for riskier assets caused most analysts to predict that the Bank Negara Malaysia will maintain its overnight rate unchanged at 2.75 percent on March 11, while previously an increase to 3 percent was expected.
USD/MYR traded at 3.0335 as of 12:02 GMT today after it opened at 3.0330 and rose to 3.0385.
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