Ringgit Falls on Europe, Supported by Domestic Growth
The Malaysian ringgit fell today, following other Asian currencies in decline, on fears that the European debt crisis would hurt demand for exports from Asia. The losses were limited as growth of the Malaysian economy beat forecasts.
Malaysia’s gross domestic product grew 5.4 percent in the second quarter of this year from a year ago, following the expansion by 4.9 percent in the second quarter. The report surprised economists pleasantly as they were expected slowdown to 4.6 percent. The Asia Dollar Index fell 0.5 percent from the high of 115.73 that was reached on August 9 and was the highest level in almost three months.
USD/MYR advanced from 3.1266 to 3.1282 as of 13:21 GMT today.
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Earlier News About the Malaysian Ringgit:
- Ringgit Goes Higher as Traders Bet on Stimulus (2012-08-14)
- Ringgit Rises on Easing Speculations (2012-07-27)
- Malaysian Ringgit Falls as Global Economy Not Supportive for Risky Currencies (2012-07-11)
- Ringgit Gains as US Factory Orders Beat Expectations, Falls Back (2012-07-04)
- Ringgit Gains as Spain's Bailout Improves Traders' Mood (2012-06-11)