Ringgit Heads Down as US Stock Markets Close
The Malaysian ringgit dropped as US equity markets were closed today due to the threat from a hurricane. The event threw other markets in turmoil and Forex traders preferred to keep dollars amid uncertainty and fear.
Hurricane Sandy may be one of the worst storms that hit the United States in a century. Stock markets were closed amid the threat from the hurricane. On top of that, the presidential elections on November 6 may be affected by the disaster. The resulting fears and uncertainty made investors to seek safer assets and avoid the risk associated with currencies of emerging markets.
USD/MYR was up from 3.0405 to 3.0618 as of 13:10 GMT today.
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Earlier News About the Malaysian Ringgit:
- Hopes for Growth Buoy Malaysian Ringgit (2012-10-16)
- Ringgit Stronger on Improving US Manufacturing & Bernanke's Speech (2012-10-02)
- Ringgit Gets Boost from Stimulus Bets (2012-09-12)
- Malaysian Ringgit Weakens as EU Shows No Progress in Solving Problems (2012-08-27)
- Ringgit Falls on Europe, Supported by Domestic Growth (2012-08-16)