Malaysian Ringgit Heads to Weekly Decline

The Malaysian ringgit fell today and headed to the biggest weekly decline in more than a month as Fitch Rating cut the nation’s credit rating, driving investors away from the country’s assets.
Fitch lowered Malaysia’s credit grade on concerns about rising debt levels. Prime Minister Najib Razak promised yesterday that the government will address the issue. Analysts predicted that next week’s report will show a drop of exports by 7.3 percent in June from a year ago, demonstrating a fifth consecutive decline.
USD/MYR rose from 3.2435 to 3.2583 as of 9:46 GMT today. The ringgit has declined 1.4 percent this week so far.

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