Malaysian Ringgit Falls as Japan Reduces Demand for Asian Assets

The Malaysian ringgit, together with some other Asian currencies, fell today as the threat of the radiation contamination from the damaged nuclear plant in Japan curbed attractiveness of the Asian assets.
Tokyo Electric Power Co. said that the efforts to fix the cooling systems at the Fukushima Dai-Ichi nuclear power plant were slowed by the necessity to pump the radioactive water from the site. The Bloomberg-JPMorgan Asia Dollar Index dropped from the 13-year record. The Asian currencies also weakened on the speculation that the US Federal Reserve won’t complete its bonds-purchasing plan.
USD/MYR traded at 3.0285 as of 13:00 GMT today following the advance from 3.0275 to 3.0350.

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