Ringgit Falls on Concern over Currency War
The Malaysian ringgit fell along with other Asian currencies today amid worries that the intervention of Japan to weaken the yen will intensify the ”currency war” as other nations may also attempt to push their currencies down.
Currencies with high yield, including the Asian ones, appreciated sharply against the yen as Japan’s policy makers were pushing the nation’s currency down. That sparked fears that other governments would have to curb gains of their currencies, igniting the so-called “currency war“. The Asia Dollar Index, excluding the yen, dropped 0.4 percent this week. It has reached 118.89 on January 18, the strongest level since September 2011.
USD/MYR rose from 3.0425 to 3.0483 as of 8:59 GMT today and its intraday high was at 3.0553.
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Earlier News About the Malaysian Ringgit:
- Malaysian Ringgit Gets Boost from Global Growth (2013-01-18)
- Ringgit Lifted Along with Market Sentiment by Talks Among US Politicians (2012-12-31)
- Ringgit Retreats as US Fiscal Cliff Spooks Investors (2012-12-24)
- Ringgit Drops on Fears of Recession (2012-12-07)
- Ringgit Heads Down as US Stock Markets Close (2012-10-29)