The Malaysian ringgit fell against the US dollar today as concerns about the slowing global growth drove Forex market participants away from risk-geared currencies.
Yesterday’s manufacturing reports from all around the world were rather disappointing. This led to a drop of Asian stocks today as the MSCI Asia-Pacific Index, which tracks all Asian shares with the exception of Japan, dropped more than 2 percent today. Unsurprisingly, many Asian currencies did not take the news well, and the ringgit was among the losers.
USD/MYR rose from 4.1965 to 4.2127 as of 10:29 GMT today.
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