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Ringgit Falls as Traders Sell Malaysian Bonds

July 31, 2013 at 17:47 by Vladimir Vyun

A heap of various Malaysian ringgit notesThe Malaysian ringgit fell today as on concerns about capital outflows and cut of the country’s credit rating. Investors were selling the nation’s bonds as US Treasury yield was rising.

Fitch Ratings changed the outlook for Malaysia’s A- credit rating from stable to negative yesterday. Concerns that traders will pull out their money from the country as the United States prepare to reduce stimulus made the ringgit fall 2.7 percent over a month. Analysts predict that Malaysia’s economic growth will slow to 5 percent this year from the previous year’s 5.6 percent.

USD/MYR rose from 3.2270 to 3.2440 as of 17:45 GMT today and its daily high was at 3.2523.

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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