Author Topic: Ringgit 10-year High Against USD  (Read 1090 times)

Offline earwax

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Ringgit 10-year High Against USD
« on: April 22, 2008, 09:42:47 PM »
Quote
KUALA LUMPUR, April 22 (Bernama) -- The ringgit ended at 3.1370 to the US dollar Tuesday to touch a new 10-year high, supported by dollar-selling activities on concerns that the United States may go into recession, dealers said.

At 5.00pm, the ringgit was traded at 3.1370/1400 against the greenback, stronger than Monday's closing of 3.1400/1430.

"The local unit's gains were mainly because of the dollar-selling. Forex players are starting to sell the dollars ahead of the US Federal Open Market Committee meeting this April 31, on expectations of another cut in the interest rate," one of the dealers said.

He said that the outlook for the ringgit also remained bullish, driven by positive economic fundamentals.

At close of trading Tuesday, the ringgit was mostly lower against other major currencies.

The local currency depreciated against the Singapore dollar at 2.3211/3254 from 2.3208/3250 Monday and also lost ground against the Japanese yen at 3.0418/0462 from 3.0315/0350 previously.

The ringgit declined against the euro at 5.0019/0077 from 4.9813/9870 Monday but it strengthened against the British pound at 6.2188/2257 from 6.2433/2508 previously.

-- BERNAMA

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