The Malaysian ringgit weakened today as there were no signs of progress in solving the debt problem of European economies. The lack of a way out of the crisis worsens prospects for exports of emerging economies and reduces demand for their currencies.
Philipp Roesler, the Vice Chancellor of Germany, said that Greece would not get the next round of bailout if it does not perform the required austerity measures. Jens Weidmann, the President of the the Bundesbank, continued to criticize the bond buying plan of the European Central Bank. Hopes that the eurozone will find exit from the crisis were weakening and that affected Asian currencies, including the ringgit.
USD/MYR rose from 3.1010 to 3.1100 as of 14:20 GMT today.
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