The Malaysian ringgit slipped against the US dollar today as efforts of Malaysian policy makers to limit currency speculation failed to prevent a downfall of the ringgit.
Malaysian Ringgit MYR
The Malaysian ringgit is the currency of Malaysia. It was previously called “Malaysian dollar” and was introduced in 1967. The currency was pegged to the US dollar, but Malaysia ended the dollar-peg after China had made the same move.
Malaysian Ringgit News Archive
The Malaysian ringgit gained against the US dollar today after the nation’s central bank kept interest rates steady and decreased its reserve requirements ratio.
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.
There have been plenty of reasons for the riskier Asian currencies to drop including concerns about the eurozone and Greece in particular, the rally of the US dollar and the decline of Asian bonds. The Malaysian ringgit has led the drop.
The Malaysian ringgit dropped against the US dollar today as a drop of crude oil prices should reduce trading revenue of Malaysia — a net oil exporter. Additionally, the greenback was strong on its own right.
The Malaysian ringgit gained today, demonstrating the biggest gain in a week, following its previous losses. The most likely reason for the rally is that the market considered the previous decline excessive.
The Malaysian ringgit dropped for the third straight session today on concerns that the drop of oil prices will hurt the trade balance of the oil-exporting country.
The Malaysian ringgit fell today, touching the lowest level since September 2009 against the US dollar, as the huge increase of US employment fueled speculations that the Federal Reserve will increase interest rates in the near future.
The Malaysian ringgit dipped today as falling crude oil prices threatened the nation’s economy. Strength of the US dollar also had a negative impact on the currency’s performance. The ringgit headed to the biggest weekly decline since September 2013.