Ringgit Gains as Spain’s Bailout Improves Traders’ Mood

The Malaysian ringgit rose today, following other Asian currencies in gains, as the news about a bailout for Spain fueled optimism among investors and attractiveness of higher-yielding assets.
The bailout for Spain eased tensions about the situation in the eurozone and made traders look at riskier assets in more favorable light. The MSCI Asia-Pacific Index of stocks gained as much as 1.9 percent. Additionally, Malaysian industrial production advanced 3.2 percent in April from a year ago, while the average forecast was 2 percent.
USD/MYR fell from 3.1920 to 3.1710 as of 10:12 GMT today, while the intraday low was at 3.1540.

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