Ringgit Drops on Concerns About Trade Balance
The Malaysian ringgit fell today as concerns about the decline of the nation’s trade and current-account surpluses made traders reluctant to buy the currency.
The Malaysian trade balance surplus narrowed from $4.32 billion in June to $2.86 billion in July. The decline led to worries that the current account balance will also worsen. Speculations about possible quantitative easing tampering by the US Federal Reserve added to the weakness of the ringgit.
USD/MYR went up from 3.2820 to 3.3292 as of 10:43 GMT today and its daily high was at 3.3310.
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Earlier News About the Malaysian Ringgit:
- Ringgit Advances on Hopes for Fiscal Measures (2013-09-02)
- Malaysian Ringgit Heads to Weekly Decline (2013-08-02)
- Ringgit Falls as Traders Sell Malaysian Bonds (2013-07-31)
- Ringgit Erases Losses on Inflation & Risk Appetite (2013-07-19)
- Ringgit Suffers from Anticipation of Fed's QE End (2013-05-29)