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Ringgit Rises with Risk Appetite

October 17, 2013 at 16:37 by Vladimir Vyun

Tuanku Abdul Rahman on the ringgit banknotesThe Malaysian ringgit rose today together with other currencies as the end to the US budget stalemate spurred risk appetite among Forex traders and boosted higher-yielding currencies.

US President Barack Obama signed the bill that ends the government shutdown and boosts the debt limit until next year. The news brought much-welcomed relief on the market and resulted in a huge rally of currencies against the greenback. The rally was also supported by the view that the Federal Reserve will not be able to reduce its stimulus measures this year.

USD/MYR fell from 3.1725 to 3.1488 as of 16:37 GMT 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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