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Malaysian Ringgit Heads for Weekly Gains vs. Dollar

June 3, 2011 at 11:19 by Vladimir Vyun

Malaysian RinggitThe Malaysian ringgit headed to a weekly gain against the US dollar today as the worsening economy of America shifted attention of investors from the greenback to higher-yielding currencies.

The dollar weakened after Moody’s Investors Service said that it has put the US Aaa credit rating under review for downgrade. This announcement followed the statement of Standard & Poor’s in April that the US may lose its top credit rating unless the nation will reduce its debt and trade deficit. Malaysia’s exports expanded 11.1 percent in April from a year ago, compared to the median estimate of 11.3 percent.

USD/MYR fell to 3.0130 from 3.0200 as of 11:16 GMT and posted the intraday low of 3.0065 today.

If you have any questions, comments or opinions regarding the Malaysian Ringgit, feel free to post them using the commentary form below.

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