Ringgit Gains as Spain’s Bailout Improves Traders’ Mood
The Malaysian ringgit rose today, following other Asian currencies in gains, as the news about a bailout for Spain fueled optimism among investors and attractiveness of higher-yielding assets.
The bailout for Spain eased tensions about the situation in the eurozone and made traders look at riskier assets in more favorable light. The MSCI Asia-Pacific Index of stocks gained as much as 1.9 percent. Additionally, Malaysian industrial production advanced 3.2 percent in April from a year ago, while the average forecast was 2 percent.
USD/MYR fell from 3.1920 to 3.1710 as of 10:12 GMT today, while the intraday low was at 3.1540.
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Earlier News About the Malaysian Ringgit:
- Ringgit Falls as China's Growth & US Recovery Slows (2012-06-04)
- Ringgit Gains on Manufacturing Growth in US & China (2012-05-02)
- Ringgit Gains as Investors Bid for Higher Yield (2012-03-27)
- Malaysian Ringgit Falls as High Fuel Prices Can Hurt Growth (2012-03-20)
- Ringgit on Signs of Economic Slowdown in Malaysia (2012-03-15)