Ringgit Erases Losses on Inflation & Risk Appetite
The Malaysian ringgit fell today, but erased losses amid risk appetite and as data showed that inflation in the Asian nation was stable and at a high level last month.
Higher-yielding currencies have found favor of Forex traders after concerns about stimulus reduction in the United States were alleviated. It is still possible that the Federal Reserve will trim its asset purchases, but such move is in no way certain. Malaysian consumer prices rose 1.8 percent in June, the same rate as in the prior month and the highest since April 2012.
USD/MYR was at 3.1950 as of 13:14 GMT today after rising from 3.1955 to 3.2065 earlier.
If you have any questions, comments or opinions regarding the Malaysian Ringgit, feel free to post them using the commentary form below.
Earlier News About the Malaysian Ringgit:
- Ringgit Suffers from Anticipation of Fed's QE End (2013-05-29)
- Slower Malaysia's Growth Weakens Ringgit (2013-05-17)
- Ringgit Rallies Most Since 2010 After Elections (2013-05-06)
- Malaysian Ringgit Rallies on Hopes Elections Will Stop Capital Outflows (2013-04-05)
- Ringgit Gains, Still Heads to Weekly Loss (2013-02-22)