The Asian currencies, including the Malaysian ringgit, weakened today as concerns for the global economic growth caused investors to shun risk and decreased appeal of the region’s assets.
The government report showed today that Malaysiaâs industrial output slumped 5.1 percent in May from a year ago after the drop by 1.7 percent in April. Chinaâs economic growth slowed from 9.7 percent in the first quarter of this year to 9.3 percent in the second quarter, according to estimates of analysts later this week. The Asia Dollar Index slipped 0.1 percent in Hong Kong, falling from the highest level since August 2008.
USD/MYR rose from 2.9940 to 3.0105 as of 14:38 GMT today, gaining 0.5 percent.
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