Malaysian Ringgit Falls as Global Economy Not Supportive for Risky Currencies
The Malaysian ringgit fell today, following other Asian currencies in decline, as signs of global economic slowdown decreased attractiveness of risky currencies with higher yield.
China’s imports rose 6.3 percent in June, trailing the forecast of 11 percent. Analysts estimated, before the official data, that gross domestic product of the Asian nation rose 7.9 percent in the second quarter of 2012, slowing from 8.1 percent in the first quarter. The MSCI Asia-Pacific Index was down for the fifth session.
USD/MYR rose from 3.1766 to 3.1790 as of 10:53 GMT today, rising as high as 3.1891 intraday.
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