Forex News

The Malaysian ringgit is topping the gains’ list among Asian currencies, followed by the Singaporean dollar, thanks to the government stimulus and interest rate cuts.

The Malaysian ringgit reached its monthly high today on the traders’ speculations that the demand for the emerging markets’ assets will increase as the recession eases.

The Malaysian ringgit declined slightly today and also posted its third weekly drop against the dollar this week as the emerging stock markets and currencies lived through one of the worst week with the oil, commodities and exports prices falling on the global recession outlook.

The Malaysian ringgit declined to the lowest level in more than 21 months today as the concerns about the global economy growth rose and the stock markets tumbled world-wide.

The Malaysian ringgit like the other emerging Asian currencies continued to fall today as the U. S. Congress failed to pass the $700 rescue plan for the financial institutions and the global volatility rose on the deeper crisis expectations.

The Asian currencies fell this week as the oil prices surged and the rising inflation concerns forced foreign investors to cut the inflow of liquidity into this region.